2023-08-31 22:02:43
Country Garden Holdings has once more pushed back the deadline for holders of yuan-denominated bonds to vote on a set of proposals to repay the bonds, in its latest attempt to avoid what would be its first default.
China’s sixth-largest real estate developer by sales has pushed the deadline forward one day, to 10 p.m. Beijing time on Friday, according to documents the company provided to the Shanghai Stock Exchange’s private disclosure platform and seen by Bloomberg. The purpose of postponing the voting deadline is to give bondholders enough time to discuss and decide on the proposals, according to the documents.
New China crisis.. “Country Garden” is trying to avoid default
the proposals to holders of the 3.9 billion yuan ($537 million) yuan-denominated bond, which will actually mature on Sept. 4 and be voted on; The plan includes a three-year deferred payment and a 40-day grace period, while some repayment holders demanded that the bonds be paid in full by their maturity date. The voting deadline was pushed back once, from August 25 to Thursday, August 31, and then pushed back once more at the last minute.
Before the deadline was pushed back, another proposal was added to the agenda to declare a default on local bonds in the wake of a foreign credit rating company’s downgrade of the group’s credit rating, according to a previous document dated August 30.
Country Garden did not immediately comment when contacted following working hours.
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