2023-08-31 16:53:00
Chinese property developer Big Green Garden has also extended the deadline for yuan-denominated bondholders to vote on several bond redemption proposals. The company continues to struggle on the brink to avoid its first default.
The voting deadline has been pushed back a day to 10 p.m. Beijing time on Sept. 1, according to a filing with the Shanghai Stock Exchange seen by Bloomberg News. This is to ensure that bondholders have enough time to discuss and decide on the agenda, they said.
Hekikeien’s proposal to extend payment terms by three years with a grace period of 40 days for holders of 3.9 billion yuan (regarding 78 billion yen) of de facto bonds due on Sept. 4; and Vote on the full payment at maturity required by some bondholders. The voting deadline was postponed from August 25 to 31, but was postponed once more just before.
A proposal to declare default on yuan-denominated corporate bonds was also added to the agenda following Moody’s downgrade, according to an earlier filed document dated 30.
Hekkeien was contacted but might not be reached for comment outside of business hours.
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Original title:Country Garden Delays Yuan Bondholder Voting Deadline Again(excerpt)
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