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COUNTRY GARDEN Reaches Consensus with Coordination Committee, Aiming to Cut Debt by US$11.6B
Recommend 11 Positive 17 Negative 6 |
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COUNTRY GARDEN (02007.HK) announced an update on the offshore debt restructuring. The Company has reached an understanding with the co-ordination committee (the CoCom), which comprises seven eminent banks that are long-term business partners of the Group, that the restructuring proposal forms the framework for further negotiations and detailed documentation, aimed at implementing a successful restructuring of its offshore indebtedness. If implemented, the restructuring proposal will enable the Group to achieve significant deleveraging, with a targeted reduction of indebtedness up to US$11.6 billion. The CoCom consists of lenders who collectively hold approx. 48% of the outstanding principal amount of three syndicated loans of the Company, with a total outstanding principal amount of US$3.6 billion. The statement emphasizes that, until now, the Company is still in negotiations with the AHG, the CoCom and the other creditors on the definitive terms of the Restructuring Proposal and parties have not entered into any legally binding agreement in respect of the same. The trading in the shares of Company has been suspended with effect from 2 April 2024, and will remain suspended. AAStocks Financial News |
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