China’s Country Garden has agreed to crucial restructuring terms sought by its bank creditors, including $178 million in compensation tied to seized collateral, sources say.
The move clears a major obstacle in its debt talks, with attention now turning to securing full bank approval ahead of an August 11 winding-up hearing. The developer declined to comment.
Info via Bloomberg (gated), in brief.
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Country Garden’s concession removes a key restructuring obstacle, easing near-term default concerns.
- Bond spreads should (have done) tightened slightly
- Asian real estate stocks should enjoy modest gains as investor confidence ticks up ahead of the next court date
This article was written by Eamonn Sheridan at investinglive.com.
