COUNTRY GARDEN(02007): Over 77% of holders of the second category debt principal amount have joined the restructuring support agreement.
Country Garden (02007) has issued an announcement that the company has reached an agreement with the coordinating committee on the main terms of the restructuring proposal. The coordinating committee...
Country Garden (02007) has announced that the company has reached an agreement on the main terms of the restructuring proposal with the Coordinating Committee, which represents 49% of the total principal amount of the existing syndicated loan. Members of the Coordinating Committee have either joined the restructuring support agreement (as amended below) or are undergoing internal procedures to obtain the relevant approvals to join the restructuring support agreement.
The company is also pleased to announce that holders of over 77% of the principal amount of the Class 2 debts have joined the restructuring support agreement.
The company is happy to reach this important milestone and would like to express its gratitude to the Coordinating Committee, the ad hoc group, and other creditors for their continued support, patience, and involvement. The company is now working closely with the ad hoc group and the Coordinating Committee on the detailed documentation of the proposed restructuring, and remains committed to completing the proposed restructuring by the end of 2025. The company acknowledges that this goal is ambitious and is not underestimating the challenges ahead, but believes that with the continued support of the ad hoc group, the Coordinating Committee, other creditors, and stakeholders, this goal can be achieved.
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