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<CN Home>CG Debt Restructuring Plan Approved by Court: Report
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COUNTRY GARDEN (02007.HK) secured formal approval from a Hong Kong court for its US$14.1 billion offshore debt plan after more than two years of restructuring negotiations, partly attributable to concessions from creditors, according to Bloomberg. This move will help alleviate the Group's debt burden and provide greater stability amid the volatile property market in China. COUNTRY GARDEN faced various challenges in the restructuring negotiations, the report added. Its initial proposal failed to gain bondholders' support, while bank lenders had warned in May that the plan would not succeed unless the Company met their demands. During the process, COUNTRY GARDEN changed its financial advisor twice. AAStocks Financial News Website: www.aastocks.com |
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