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COGARD Said to Have Agreed to Key Restructuring Terms, Sources Note
July 25, 2025
Country Garden (COGARD) is said to have agreed to some key restructuring terms that a group of bank creditors had demanded, sources noted. This is set to pave the way for its planned $14bn debt restructuring plan, following its default in 2023. It is believed that the developer has agreed to pay $178mn in compensation to the banks for the return of seized collateral, a key term that has been in focus since the beginning of the debt overhaul plan. COGARD requires support from 75% of debt holders in two individual groups – bank lenders and bondholders. It already has the backing from holders of 70% of bonds but would still need bank creditors to get on board in order to go to a “scheme of arrangement” procedure.
COGARD’s dollar bonds are trading at deeply distressed levels of 8-9 cents on the dollar.
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