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Bond Market News
Country Garden Misses Self-Made Deadline for Restructuring Plan
October 10, 2024
Country Garden (COGARD) missed a self-imposed deadline for securing creditor support for its restructuring plan, having made insufficient progress on the terms. It had earlier expected to finalize terms by end-September, but has failed to provide a term sheet due to the property sector struggles, as per sources. While COGARD has shared financial data with creditor groups, including a cashflow analysis for repayment projections, a company representative said that discussions were still ongoing and progress was being made. In August, COGARD reported a massive 57% YoY drop in contracted sales.
COGARD’s dollar bonds were trading weaker by 0.3-0.5 points albeit at deeply distressed levels of ~9 cents on the dollar.
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