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Bond Market News
COGARD Submits Preliminary Debt Restructuring Proposal, Say Sources
November 19, 2024
Country Garden (COGARD) submitted a preliminary offshore debt restructuring proposal to creditors, revising its cash flow projections downwards, as per sources. This updated outlook indicates weaker future cash flows compared to earlier forecasts, highlighting the company’s ongoing financial strain. More details regarding the terms of the restructuring or the cash flow projections were not available and are said to be confidential. The developer is still in negotiations with creditors, including banks and dollar bondholders, to finalize the terms of the restructuring. If Country Garden can secure creditor support before its next court hearing in January 2025, it may gain more time to implement a restructuring plan, potentially averting liquidation.
COGARD’s distressed dollar bonds were trading stable at 9-10 cents on the dollar.
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