Real Estate
Country Garden Gets Six-Month Respite for Restructuring Talks
- Builder’s wind-up hearing was adjourned until Jan. 20
- Company aims to get key creditor groups’ support by September
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Chinese builder Country Garden Holdings Co.’s liquidation hearing in Hong Kong was adjourned until late January to give it more time to work on an offshore debt restructuring plan.
The company expects key creditor groups to agree on a debt term sheet by the end of September, its legal representative said Monday. It also plans to make the restructuring support agreement publicly available to all creditors by October, with documentation to sanction the plan to be filed by early 2025. Country Garden is scheduled to return to court on Jan. 20, according to Hong Kong’s judiciary website.