Chinese property developer Country Garden said on Friday it had reached an agreement with creditors holding nearly 30 percent of its existing offshore bond debt and was close to finalising terms with another group of bank creditors.
The proposed restructuring covers aggregate outstanding principal amount of US$14.07 billion of its existing debt, Country Garden said.
The company had proposed the plan to cut its offshore debt by US$11.6 billion in January. Creditors holding 29.9 percent of US$10.3 billion in bonds had agreed to the plan, it said.
It was also close to finalising a deal with a lender group made up of seven banks who hold three syndicated loans with an outstanding principal amount of US$3.6 billion.
The real estate firm has offered five restructuring options to its bondholders including extending the maturity by as much as 11.5 years alongside choosing mandatory convertible bonds and new debt instruments. (Reuters)
