US EditionCountry Garden Announcing Offshore Debt Restructuring Deal- Mingtiandi
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Country Garden Announcing Offshore Debt Restructuring Deal- Mingtiandi
Just a few days after China Evergrande Group exited the Hong Kong stock exchange after defaulting on $45 billion in obligations, another struggling Chinese property giant had happier news as Country Garden Holdings announced a deal with creditors. The developer,... Read More>> The post Country Garden Secures Backing For $14.1B Offshore Debt Overhaul appeared first on Mingtiandi.
In addition to this agreement, which was China's largest real estate promoter between 2017 and 2022 has already been supported by 77% of the holders of obligations for the restructuring proposal, estimated at around $14.1 billion (12.1 billion) over the usual margin of three quarters of the votes needed to carry forward this type of initiative. "The company (...) remains committed to completing the proposed restructuring before the end of 2025",…
Country Garden, a Chinese real estate developer, reported yesterday, August 18, that it reached an agreement with a central group of bank creditors that owns 49% of its offshore debt, marking another step in its restructuring plan of $14.1 billion.The company, which was once China's largest real estate developer, failed to pay $11 billion in offshore bonds by the end of 2023, adding to a crisis that affected the entire sector and had already see…
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