Country Garden (HKG:2007) bondholders objected to a $178 million compensation deal with a bank syndicate, hindering the builder's efforts to restructure its debt, YiCai Global reported May 30, citing a report from The Paper.
The ad hoc group argues the arrangement favors lenders like Bank of China, which hold 48% of the builder's syndicated loans, and unfairly prioritizes them with collateral, according to the report.
The group also said the cash payout would drain offshore reserves, hurting US dollar bondholders, YiCai Global wrote.
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