China’s largest private developer Country Garden’s creditors voted in favor of a three-year extension plan for six onshore bonds, first reported by mainland real estate industry news outlet Jianwen Real Estate and confirmed by a person familiar with the matter.
Onshore creditors voted on Monday for proposals by thr developer to extend repayments on eight onshore bonds worth 10.8 billion yuan ($1.48 billion) by three years.
In the voting, which concluded by 10 pm Beijing time on Monday, creditors approved extending six out of the eight bonds, while the other two bonds will see voting delayed, the report said.
The latest voting came after Country Garden on September 1 gained approval from creditors to extend payments by three years for a 3.9 billion yuan ($533 million)onshore private bond. It also made a last-minute dollar coupon payment offshore last week to avoid a immediate default.
Country Garden faces 108.7 billion yuan worth of debts due within 12 months, while its cash are around 101.1 billion yuan as of end-June. In the offshore market, Country Garden has at least five coupon payments due this month, including two relatively sizable dollar bond coupons worth $15 million due on Sept. 17, and $40 million on Sept. 27, each with a 30-day grace period.
