Country Garden wins bank creditor group's support for offshore debt overhaul
FILE PHOTO: The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo
Embattled Chinese property developer Country Garden said on Monday it had agreed with a key group of bank creditors, which collectively hold 49 per cent of its existing offshore debt.
The company defaulted on its offshore debt in late 2023 and is now in a restructuring process, which aims to cut $14.1 billion of that debt by 78 per cent.
Source: Reuters
