Country Garden Extends Bonds to Avoid First Local Default [BNN Bloomberg (Canada)]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
NASDAQ:AMEX Investor Relations:
en.bgy.com.cn
Company Research
Source: BNN Bloomberg
to push back payments on three yuan bonds, people familiar with the matter said, staving off its first local default for now. Noteholders finished voting this week to extend coupon and principal installment payments to September, said the people, asking not to be identified. The company had missed initial deadlines from March 12 through April 12 for the payments. Grace periods of 30 trading days were set to soon expire, after which creditors could have declared defaults if they hadn't agreed to the extensions. The builder didn't immediately comment when reached. Country Garden already defaulted on dollar bonds last year, becoming one of the biggest casualties of a real estate crisis that's rattled financial markets and hurt the economy. Its financial strains are piling up, with an 83% slump in home sales last month exacerbating a cash crunch. This is the second time for Country Garden to stretch payments on the three bonds, which were issued by its main onshore unit. Based o
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