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Bond Market News
Country Garden’s Liquidation Hearing Adjourned to January 2025
July 30, 2024
Country Garden’s (COGARD) liquidation hearing has been adjourned to January 2025 by a Hong Kong court. This comes after Ever Credit Limited, a unit of Hong Kong’s Kingboard Holdings had filed a liquidation petition against COGARD in February for not having repaid a $205mn loan. Reuters notes that if COGARD is able to obtain its offshore creditor’s approval for implementing its debt restructuring proposal, then it could push back against the liquidation petition. COGARD is expected to publish offshore debt restructuring term sheets to creditors in September.
COGARD’s dollar bonds are trading at deeply distressed levels of just 8 cents on the dollar.
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