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CG Lawyer Reportedly Expects Firm to Reach Agreement with Creditors in Feb; Liquidation Petition Hearing Adjourned to 26 May
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The lawyer of COUNTRY GARDEN (02007.HK) told a Hong Kong court that the firm expected to reach an agreement with creditors on restructuring in February, according to Reuters. A High Court judge agreed to adjourn the hearing of the winding-up petition to 26 May. On 9 January, COUNTRY GARDEN announced the key terms of the offshore debt restructuring proposal and its latest business development, and that it has reached a consensus with Coordination Committee on the terms of the restructuring proposal, which is expected to reduce offshore debt by up to US$11.6 billion, equivalent to approx. 70% of the total offshore debt. COUNTRY GARDEN said earlier that the company has taken proactive self-rescue measures, set up a special working group headed by the chairman, established a collaborative working mechanism with the government and formulated relevant work plans. AAStocks Financial News |
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