Market Chatter: Country Garden Winding-up Petition Dismissed in Hong Kong

MT Newswires Live
02/16

A winding-up petition against Country Garden (HKG:2007) was dismissed in Hong Kong on Monday weeks after the cash-strapped property developer completed a $14 billion offshore debt restructuring, Nikkei Asia reported the same day.

The petition was reportedly filed by Ever Credit over non-payment of around HK$1.6 billion in previously lent sums.

Country Garden's restructuring plan included issuing $13 billion in new convertible bonds, new shares to settle work fees and restructuring support fees, converting shareholder loans into equity, and disposing of certain subsidiary interests.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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