Struggling Chinese property firm Country Garden submits debt restructuring plan to avoid liquidation.

Struggling Chinese property giant Country Garden has submitted a preliminary offshore debt restructuring plan to some creditors to avoid liquidation. The plan includes a revised, weaker cash flow projection compared to earlier estimates. The company defaulted on $11 billion in bonds last year and faces a liquidation petition in Hong Kong. It aims to gain creditor support before a January court hearing.

November 18, 2024
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