Chinese developer Country Garden faces a call from some smaller onshore bondholders for the nullification of a deal to extend repayment of a bond, arguing it was unfair and illegal, according to sources and a document. Country Garden's onshore bondholders approved its proposal for an extension on debt payments worth 3.9 billion yuan ($536 million) late on Friday, in a deal that pulled the company back from brink of a default and eased investors' concerns. In Friday's vote on Country Garden's extension proposal, 56.08% of participating onshore creditors approved the deal, 43.64% opposed and 0.28% abstained, an official document shared with bondholders showed.
FILE PHOTO: Construction site of residential buildings by Chinese developer Country Garden in Tianjin
Country Garden's onshore bondholders approved its proposal for an extension on debt payments worth 3.9 billion yuan late on Friday, in a deal that pulled the company back from brink of a default and eased investors' concerns. In Friday's vote on Country Garden's extension proposal, 56.08% of participating onshore creditors approved the deal, 43.64% opposed and 0.28% abstained, an official document shared with bondholders showed.
The letter said some important notices were sent only to selective bondholders, and that the meeting with some bondholders for the vote had been delayed multiple times without reasons being clearly explained.It was not immediately clear what impact the objections of the small bondholders will have on the repayment extension deal.
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