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COUNTRY GARDEN Offshore Debt Restructuring Secures Support for USD178M Bank Compensation Plan; Overhaul Expected to Complete by Yr-End: Report
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COUNTRY GARDEN (02007.HK) has made further progress in its offshore debt restructuring plan, according to a report by Chinese media outlet The Paper. The developer has reached an agreement with an ad hoc group (AHG) of bondholders on how to pay a USD178 million compensation to the bank steering committee. This committee consists of seven banks holding 48% of the existing syndicated loan share. The report also cited informed sources saying that the AHG has agreed on the form of compensation payment primarily to advance the restructuring progress, which is expected to be completed by the end of December. In the negotiations between COUNTRY GARDEN and the bank committee, the latter demanded a USD178 million collateral compensation from the developer. Of this, 50% needs to be paid in cash on the effective date of the restructuring, and the remaining 50% is to be repaid in the form of a two-year secured loan. The negotiations were led by Bank of China and Industrial and Commercial Bank of China. AAStocks Financial News |
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