This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Country Garden Nears Offshore Debt Restructuring Agreement
May 23, 2025
Distressed Chinese property developer Country Garden (COGARD), has gained backing from nearly 75% of its bondholders for a proposal to restructure its offshore debt, as per sources. This support precedes a critical liquidation hearing set for next week. To implement the plan via a “scheme of arrangement” in Hong Kong, the company needs approval from creditors holding at least 75% of all debt, alongside majorities from individual groups of debt holders. Although it has nearly secured the required bondholder approval, a significant group of bank creditors, the co-ordination committee, has not yet formally committed to the plan. COGARD has encouraged other creditors to consent to the restructuring by May 23, to bolster its position at the upcoming hearing. The developer defaulted on its offshore debt in late-2023. The proposed restructuring targets approximately $14.1bn in total obligations, encompassing about $10.3bn in outstanding bond principal. The developer aims to finalize the offshore restructuring by December.
Its dollar bonds are trading at deeply distressed levels of 7-8 cents on the dollar.
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.