Business & FinanceDeals
10 November 2023, 1:48 pm 1 minute
Reuters was first to report China’s embattled Country Garden (2007.HK) is aiming to pull together a tentative plan to restructure its offshore debt by the end of this year.
Market Impact
Offshore bondholders sought urgent talks with Country Garden after it did not pay the $15 million coupon on Oct.18 – the end of a 30-day grace period, sources with direct knowledge of the matter have said. CreditSights said in a Nov. 2 research note that Country Garden had “formally defaulted” on its offshore bonds due to the missed payment. The company has been privately communicating with some bondholders about its efforts to formulate a debt repayment plan since then, the sources said.
Article Tags
Topics of Interest: Business & FinanceDeals
Type: Reuters Best
Sectors: Real Estate
Regions: Asia
Countries: China
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
