Latest news with #CountryGardenHoldingsCo.
Hindustan Times
26-05-2025
- Business
- Hindustan Times
Country Garden gets more time for $14.1 billion restructuring
(Bloomberg) -- Chinese developer Country Garden Holdings Co. was given more time by a Hong Kong court to work on its $14.1 billion offshore restructuring after amassing additional creditor support for the plan. High Court Judge Linda Chan adjourned a liquidation hearing against the company to Aug. 11, taking into consideration the amount of the debt and number of creditors involved, and said she would like to see some 'useful and good progress' in next hearing. The defaulted builder, once China's largest by contracted sales, has 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. The company and bondholders had asked for a six-month extension to the hearing, while bank creditors sought a three-week reprieve. Country Garden has been in talks with creditors since it defaulted on its dollar debt about 19 months ago. The company received a liquidation petition in early 2024, adding urgency to what is one of the biggest restructurings of a Chinese developer since the beginning of the real estate crisis. It has previously said that it aims to complete the restructuring in December. The company needs the support of creditors holding three-quarters of all debt as well as majorities of individual groups of debt holders to pass the plan through a 'scheme of arrangement' procedure. The builder said in April that it was close to finalizing negotiations with the seven banks that make up a key group called the co-ordination committee, comprising long-term business partners of the developer. The committee holds or controls about 48% of three syndicated loans with total principal of $3.6 billion, according to a company filing. (Updates with news from the hearing) More stories like this are available on ©2025 Bloomberg L.P.
Yahoo
05-03-2025
- Business
- Yahoo
Country Garden Misses Self-Imposed Target Date on Debt Overhaul
(Bloomberg) -- Country Garden Holdings Co. has missed a self-imposed target date to reach a deal on its debt restructuring plan, as the defaulted builder struggles to gain support from creditors, according to people familiar with the matter. How Upzoning in Cambridge Broke the YIMBY Mold Remembering the Landscape Architect Who Embraced the City NYC's Finances Are Sinking With Gauge Falling to 11-Year Low US Tent Facility is Holding Migrant Families Longer Than Recommended Republican Mayor Braces for Tariffs: 'We Didn't Budget for This' The Chinese property company, which defaulted on dollar debt in 2023, told a court in January that it expected an agreement by the end of February. However, it has made little progress since with a key group of creditors, the people said, asking not to be identified because the matter is private. Bloomberg reported last week that the developer was set to miss the end-February goal. The two sides have been divided over terms of the overhaul, including the price of mandatory conversion bonds and debt payment dates, Bloomberg reported in January. A representative for Country Garden declined to comment. Country Garden has re-engaged Houlihan Lokey Inc. and China International Capital Corp. as financial advisers, people familiar said on Monday, as it seeks to build creditor support for the restructuring and stave off liquidation. Country Garden's next winding-up hearing is scheduled for May 26, but a judge previously said that the timing could be accelerated if creditors aren't happy with the state of the talks by the end of February. The developer is struggling to turn around a slump in sales, which dropped 38% in February from a year earlier, a filing showed this week. Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? The Mysterious Billionaire Behind the World's Most Popular Vapes Snack Makers Are Removing Fake Colors From Processed Foods Trump's SALT Tax Promise Hinges on an Obscure Loophole The US Is Withdrawing From Global Health at a Dangerous Time ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
05-03-2025
- Business
- Bloomberg
Country Garden Misses Self-Imposed Target Date on Debt Overhaul
Country Garden Holdings Co. has missed a self-imposed target date to reach a deal on its debt restructuring plan, as the defaulted builder struggles to gain support from creditors, according to people familiar with the matter. The Chinese property company, which defaulted on dollar debt in 2023, told a court in January that it expected an agreement by the end of February. However, it has made little progress since with a key group of creditors, the people said, asking not to be identified because the matter is private.
