Country Garden misses self -imposed target date when overhauling the debt

(Bloomberg)-Country Garden Holdings Co. has missed a self-imposed target date to achieve a contract for the debt rescheduling plan, since the detained builder has difficulty supporting people familiar with the matter.

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The Chinese real estate company, which was brought in default in January in January in 2023, expected an agreement by the end of February. However, it has hardly made any progress because people with a key group of creditors do not ask because the matter is private.

Bloomberg reported last week that the developer should miss the final February. The two sides were divided into the provisions of the revision, including the price for mandatory conversion bonds and debt payments, Bloomberg reported in January.

A representative of Country Garden refused to comment.

Country Garden has Houlihan Lokey Inc. and China International Capital Corp. Reinforced as a financial advisor, said the acquaintance on Monday when it tries to build support for the restructuring and prevent liquidation.

The next hearing of Country Garden is planned for May 26, but a judge previously said that the timing could be accelerated if the creditors are not satisfied with the condition of the talks until the end of February.

The developer struggles to turn over a drop in sales that dropped by 38% in February compared to the previous year.

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