HONG KONG (Reuters) – Chinese property developer Country garden (HK:) said on Thursday it had proposed a deal to restructure its offshore debt, giving its creditors several options including converting their debt into cash and extending repayment terms.
An update on the progress of the offshore debt restructuring was provided ahead of Country Garden’s liquidation hearing on January 20, giving the developer the opportunity to ask Hong Kong’s High Court for more time to implement its restructuring plan.