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 Proposes Debt Restructuring Plan
January 10, 2025
Country Garden (COGARD) has proposed a debt restructuring deal to its offshore creditors after it reached an understanding with a group of seven banks. The deal aims to reduce Country Garden’s debt by $11.6bn if implemented. The deal will help the company seek more time from the court to implement its restructuring plan and comes ahead of its liquidation hearing scheduled on January 20. This follows Country Garden’s default at the end of 2023, when it had $16.4bn in offshore debt, including $10.3bn in bonds and $3.6bn in syndicated loans, all of which are part of the restructuring. The proposal offers creditors options such as converting debt into cash with a 90% haircut or receiving new debt with delayed maturity. The plan includes extending maturity by up to 11.5 years and issuing mandatory convertible bonds. The company is also considering having its controlling shareholder, Chairperson Yang Huiyan, convert her $1.1bn loan into equity. The negotiations over the definitive terms of the proposal are still ongoing, the company said.
Its dollar bonds continue to trade at deeply distressed levels of 10-11 cents on the dollar.
For more details, click here
Go back to Latest bond Market News
Related Posts:
COGARD Suspends Trading of Onshore Bonds
August 14, 2023
Over 30 COGARD Projects White-Listed for Support as per Reports
February 5, 2024
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.