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Bond Market News
COGARD Yet to Receive Complete Support for Offshore Debt Restructuring Plan
April 14, 2025
Country Garden (COGARD) said it secured support from an ad-hoc group of bondholders holding 29.9% of its offshore debt for a restructuring plan. This is a preliminary step toward resolving its $14.1bnoffshore debt amid China’s real estate crisis. However, the company still needs backing from 75% of creditors to proceed under Hong Kong’s “schemes of arrangement”. Chairperson Yang Huiyan has agreed to convert her $1.15bn loan into equity, purchasing a stake in a Malaysia project and subscribing to company warrants. COGARD, which defaulted on its dollar debt over a year ago, aims to finalize its restructuring by December. It continues negotiations with key lenders and has re-engaged advisers to assist. With $135bn in total liabilities and a looming winding-up hearing in May, failure to secure a viable debt plan could result in liquidation. The firm reported a narrower loss in 2023.
COGARD’s dollar bonds continue to trade at deeply distressed levels of 9-10 cents on the dollar.
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