Country Garden holds second bondholder meeting, seeking to extend grace period – report
STOCKS
Country Garden holds second bondholder meeting, seeking to extend grace period – report
STOCKS

Country Garden holds second bondholder meeting, seeking to extend grace period – report

 

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Troubled property developer Country Garden is holding the second bondholders’ meeting and proposed to increase the grace period by 40 natural days to avoid defaults, reported Chinese news outlet The Paper.

The second meeting will be held from 9:00 am Tuesday to 10:00 pm Thursday to consider a resolution on increasing the grace period for its privately issued onshore bond due September 2 by 40 natural days, according to the report. The remaining principle of the bond is 3.9 billion yuan.

A resolution can only be approved with the consent of more than half of the total nominal value of the outstanding bonds held by the bondholders present at the meeting and entitled to vote, according to the report.