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Bond Market News
COGARD to Present Debt Restructuring Proposal in H2
April 29, 2024
Country Garden (COGARD) plans to present a debt restructuring proposal for its offshore debt in the second half of this year, according to the sources. The company is already facing a liquidation petition for payment of $204mn by Ever Credit Ltd, the hearing of which is scheduled for 17 May 2024. The sources added that the company is conducting due diligence on its business health and is aiming to present a preliminary restructuring proposal to adhoc creditors by June for negotiation and publish it to a wider list of creditors in the third quarter. If the company is able to get the creditors approval on restructuring proposal, it may be able to push back the liquidation petition.
COGARD’s bonds continue to trade at deeply distressed levels of 5-6 cents on the dollar.
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