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CG to Present Preliminary Offshore Bond Restructuring Plan in Jun at Earliest: Rumor
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COUNTRY GARDEN (02007.HK) has notified some of its offshore creditors that it plans to present a preliminary debt restructuring proposal to the creditor special group or negotiation as early as June, and announces the proposal to the wider list of creditors in 3Q24, Reuters quoted sources as saying. COUNTRY GARDEN defaulted on US$11 billion worth of offshore bonds late-2023, and is facing a winding-up petition in Hong Kong for non-payment of a US$205 million loan. The first hearing is scheduled for 17 May. If COUNTRY GARDEN is able to submit a debt restructuring plan to its offshore creditors and obtains approval, it will help it to turn down the liquidation petition. AAStocks Financial News |
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