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Bond Market News
COGARD Secures Creditor Approval for Restructuring on Eight Bonds
April 10, 2025
Country Garden (COGARD), has secured creditor approval for its restructuring plans on eight bonds. The developer is restructuring RMB 12.4bn ($1.7bn) of its yuan bond debt. Two bonds had their payment deadlines extended to September, while others received a 60-day grace period. Currently, Country Garden faces RMB 20.5bn ($2.8bn) in outstanding onshore bonds. This follows significant losses led by property write-offs. The company is also working to restructure $16.4bn in offshore debt, aiming to reduce it by $11.6bn and extending maturities.
COGARD’s dollar bonds continue to trade at deeply distressed levels of 9-10 cents on the dollar.
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