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Bond Market News
Country Garden Warns of Default Amid Dwindling Sales
October 10, 2023
Country Garden (COGARD) warned investors of defaulting on its debt payments and hired advisers signalling a restructuring in the future. Last month, COGARD was said to have missed a coupon payment on its dollar bond, thereby entering into a 30-day grace period for the notes. According to the filing, the company added that it will not be able to meet all of its offshore payment obligations when due or within the relevant grace periods. As a result, creditors could demand acceleration of payment or could pursue legal actions against the issuer. The company, looking to restructure its debt, has engaged CICC Hong Kong Securities and Houlihan Lokey (China) as its joint financial advisers, and Sidley Austin as its legal adviser.
COGARD’s dollar bonds continue to trade at deeply distressed levels of 5-7 cents on the dollar.
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