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.
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