BEIJING (Reuters) - China's largest private property developer Country Garden Holdings is seeking to add a 40-day grace period for the repayment of a ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBEIJING - China's largest private property developer Country Garden Holdings is seeking to add a 40-day grace period for the repayment of a 3.9 billion yuan private onshore bond due on Saturday, according to a document seen by Reuters.
The cash-strapped company is also seeking creditors' approval to extend the repayment due Sept. 2 by three years, and it delayed the voting deadline for creditors to approve the new plan by a week to Aug. 31 to garner more support, documents seen by Reuters have shown.The developer earlier this month missed two dollar coupon payments totalling $22.
In the document received by private bondholders on Tuesday, Country Garden added a new voting item of adding a grace period of 40 calendar days. A small bondholder, among those who vetoed the repayment extension plan last week, told Reuters he also planned to vote against the proposed new term.
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