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Time of India
4 days ago
- Business
- Time of India
Country Garden's liquidation hearing adjourned to January 5
HONG KONG: Chinese property developer Country Garden confirmed on Thursday that the Hong Kong High Court had adjourned a hearing into a liquidation petition against it to January 5, 2026. The adjournment was earlier posted on the Hong Kong judiciary's website. The hearing was originally scheduled for August 11, 2025. Once a top developer by sales in the country, Country Garden defaulted on its offshore debt in late 2023 and is now trying to gain lenders' support on its restructuring proposal that aims to cut $14.1 billion of that debt by 78%. Getting enough creditor support on the restructuring proposal is essential for Country Garden to convince the court to reject the petition, which was filed last year by Ever Credit, a unit of Hong Kong-listed Kingboard .
Reuters
5 days ago
- Business
- Reuters
Country Garden's liquidation hearing adjourned to January 5
HONG KONG, Aug 7 (Reuters) - Chinese property developer Country Garden ( opens new tab confirmed on Thursday that the Hong Kong High Court had adjourned a hearing into a liquidation petition against it to January 5, 2026. The adjournment was earlier posted on the Hong Kong judiciary's website. The hearing was originally scheduled for August 11, 2025. Once a top developer by sales in the country, Country Garden defaulted on its offshore debt in late 2023 and is now trying to gain lenders' support on its restructuring proposal that aims to cut $14.1 billion of that debt by 78%. Getting enough creditor support on the restructuring proposal is essential for Country Garden to convince the court to reject the petition, which was filed last year by Ever Credit, a unit of Hong Kong-listed Kingboard ( opens new tab.
Reuters
5 days ago
- Business
- Reuters
Country Garden liquidation hearing delayed to January 5, court website shows
HONG KONG, Aug 7 (Reuters) - A hearing into a liquidation petition against Chinese property developer Country Garden ( opens new tab has been postponed to January 5, 2026, according to the Hong Kong judiciary's website. The hearing was originally scheduled for August 11, 2025. Once a top developer by sales in the country, Country Garden defaulted on its offshore debt in late 2023 and is now trying to garner lenders' support on its restructuring proposal that aims to cut $14.1 billion of that debt by 78%. Country Garden did not immediately respond to a request for comment. Getting enough creditor support on the restructuring proposal is essential for Country Garden to convince the court to reject the petition, which was filed last year by Ever Credit, a unit of Hong Kong-listed Kingboard ( opens new tab.
Time of India
26-05-2025
- Business
- Time of India
Country Garden's liquidation hearing delayed to August 11 as creditor talks continue
Country Garden said on Monday the Hong Kong High Court has adjourned a hearing into a liquidation petition against it until August 11, a move that would allow the Chinese property developer more time to get support from its bank creditors. The company defaulted on its offshore debt in late 2023 and is now in a restructuring process that aims to cut $14.1 billion of that debt by 78%. Getting enough creditor support on the restructuring proposal is essential for Country Garden to convince the court to reject the petition, which was filed last year by Ever Credit , a unit of Hong Kong-listed Kingboard . The embattled developer has received support from holders representing nearly 75% of its $10.3 billion offshore bond debt on the proposal so far, but it has yet to reach an agreement with a key bank group holding 48% of its $3.6 billion syndicated loans, two sources with knowledge of the matter said. Country Garden's restructuring proposal will require support from more than 75% in creditor value in both classes - bank lenders and bondholders plus Ever Credit - to pass. The sources declined to be named as the information is private. Country Garden declined to comment. Country Garden on Friday extended the early-bird deadline again for creditors to sign the restructuring agreement to June 6 and the general deadline to June 20. Once China's top developer by sales, Country Garden's downturn in fortunes intensified a debt crisis that was already gripping rivals such as Evergrande.
