Country Garden to Seek More Time for $14.1 Billion Restructuring
Chinese developer Country Garden Holdings Co. returns to court in Hong Kong Monday as it seeks more time to work on its $14.1 billion offshore restructuring after amassing additional creditor support for the plan.
The defaulted builder, once China's largest by contracted sales, said that it has so far secured backing from holders representing over 70% of its debt. Bank creditors, however, had yet to sign on to the plan as of May 22, Bloomberg reported earlier.
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