Country Garden aims to have offshore debt restructuring plan by year end
China’s embattled Country Garden is aiming to pull together a tentative plan to restructure its offshore debt by the end of this year, two sources with direct knowledge of the matter said.
The nation’s biggest private property developer, which missed a coupon payment in October triggering default terms, then aims to start formal negotiations with offshore bondholders by February or March next year.
They added the firm expects to inform key bondholders of its cash flow projections by the year’s end, as part of the basis for the tentative restructuring plan.