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Bond Market News
COGARD Bank Creditors Approve Debt Restructuring
August 19, 2025
Country Garden (COGARD) said that a key group of bank creditors, which collectively hold 49% of its existing offshore debt, have agreed towards its debt restructuring. The company defaulted on its offshore debt in late-2023 and is now in a restructuring process, which aims to cut $14.1bn of that debt by 78%. Country Garden which is seeking to slash its offshore debt by 78%, said that holders representing 77% of its bond value accepted its proposal, which required crossing the 75% threshold. The developer also remains the subject of a liquidation petition, with a court hearing scheduled for January 2026. It is working with both bondholders and bank creditors to complete documentation for the restructuring, which it expects to finalise by the end of this year.
Its dollar bonds are trading stable, at deeply distressed levels of 8 cents on the dollar.
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