By Xie Yu HONG KONG (Reuters) - Some offshore creditors of embattled Chinese developer Country Garden are in talks with a New York-based law firm and ...
Franklin to stay offshore, but tropical moisture will help deliver mid-week soaking | SaltWireHONG KONG - Some offshore creditors of embattled Chinese developer Country Garden are in talks with a New York-based law firm and are considering options including legal ones, by forming a group if the company seeks to restructure its debt, a representative for the law firm said.
The missed debt payments worth a total of $22.5 million by China's largest developer by sales value until this year raised fears that the country's deepening property debt crisis will spillover to its financial sector, heaping more pressure on the sputtering economy. Country Garden had total liabilities of 1.4 trillion yuan at the end of 2022, while Kobre said its offshore bond debt is three times its onshore bond debt.
Han said they had been in discussions with creditors interested in forming a group and weighing options, including some specialized in distressed credit and experienced in using strategies to improve value in debt restructuring cases.
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