EXCLUSIVE-Country Garden submits offshore debt restructuring plan to creditors, sources say

Reuters2024-11-18

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Comments

DRust
2024-11-18
DRust
Lovely news! Debt restructuring plan moving in favour of creditors acceptance. Lower cash flow is expected due to assets selloff to lower liabilities: in short no doubt bottom is over.. Huge appetite for upside during trading resumption [Yummy] Yummy gains...
- CuritisCissie:
  It's great to hear
- gogoooCn:
  Hope so…

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The next court hearing has been set for Jan 20, 2025.Country Garden's revised cash flow outlook comes after the government has rolled out a raft of measures over the past year to revive the property sector, which has slumped in recent years as developers succumbed to a mountain of debt.China's new home prices in October fell the most year-on-year since 2015, while property investment declined 10.3% in the first 10 months of 2024, official data showed on Friday, suggesting the support measures have had little impact so far.The finance ministry last week introduced new tax incentives to further lower the cost of home purchases and spur demand -- its latest support effort. China also cut benchmark lending rates by 25 basis points in October to try to boost demand.At a hearing in July, Country Garden told the Hong Kong High Court that it expected to publish the term sheets for a revamp of its offshore debt to creditors in September and that it planned to seek approval from the court on that arrangement early next year. The company missed the September deadline.If Country Garden can gain support from its key creditors for the restructuring proposal before the January court hearing, it would pave the way for the company to seek more time from the court to implement a restructuring plan.PJT Partners PJT.N, a financial adviser representing the main group of Country Garden's offshore bondholders for the debt restructuring talks, did not immediately respond to request for comment. 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The next court hearing has been set for Jan 20, 2025.Country Garden's revised cash flow outlook comes after the government has rolled out a raft of measures over the past year to revive the property sector, which has slumped in recent years as developers succumbed to a mountain of debt.China's new home prices in October fell the most year-on-year since 2015, while property investment declined 10.3% in the first 10 months of 2024, official data showed on Friday, suggesting the support measures have had little impact so far.The finance ministry last week introduced new tax incentives to further lower the cost of home purchases and spur demand -- its latest support effort. China also cut benchmark lending rates by 25 basis points in October to try to boost demand.At a hearing in July, Country Garden told the Hong Kong High Court that it expected to publish the term sheets for a revamp of its offshore debt to creditors in September and that it planned to seek approval from the court on that arrangement early next year. The company missed the September deadline.If Country Garden can gain support from its key creditors for the restructuring proposal before the January court hearing, it would pave the way for the company to seek more time from the court to implement a restructuring plan.PJT Partners PJT.N, a financial adviser representing the main group of Country Garden's offshore bondholders for the debt restructuring talks, did not immediately respond to request for comment. 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HONG KONG, Nov 18 - Country Garden 2007.HK submitted the preliminary terms of its offshore debt restructuring proposal to some creditors late last month, said five sources familiar with the matter, as the indebted Chinese property developer tries to avoid liquidation.The restructuring proposal includes a revised cash flow projection, said two of the sources who have direct knowledge and another person familiar with the matter, a standard part of a debt restructuring process to show creditors the firm's ability to meet its obligations.The projection shows the developer expects a weaker cash flow in coming years compared with the estimates it had shared with some offshore creditors e","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4127":"投资银行业与经纪业","BK1240":"房地产开发","BK1598":"恒大概念","BK1589":"北水核心资产","BK1507":"粤港澳大湾区","BK1521":"挪威政府全球养老基金持仓","BK1555":"内房股","02007":"碧桂园","BK1610":"ETF&股票定投概念","03333":"中国恒大","PJT":"Pjt Partners Inc"},"translate_title":"独家消息称，碧桂园向债权人提交离岸债务重组计划","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PJT":0.9,"02007":0.9,"03333":0.9},"content_text":"EXCLUSIVE-Country Garden submits offshore debt restructuring plan to creditors, sources sayDebt revamp proposal presented to offshore creditors last monthProposal projects lower cash flow compared to previous forecastCountry Garden faces next liquidation court hearing on Jan. 20 By Xie Yu and Clare Jim\nHONG KONG, Nov 18 (Reuters) - Country Garden 2007.HK submitted the preliminary terms of its offshore debt restructuring proposal to some creditors late last month, said five sources familiar with the matter, as the indebted Chinese property developer tries to avoid liquidation.The restructuring proposal includes a revised cash flow projection, said two of the sources who have direct knowledge and another person familiar with the matter, a standard part of a debt restructuring process to show creditors the firm's ability to meet its obligations.The projection shows the developer expects a weaker cash flow in coming years compared with the estimates it had shared with some offshore creditors earlier this year, two of the sources said.Details of the cash flow projection were not immediately known.The sources declined to be identified as they were not authorised to speak to the media.A spokesperson for Country Garden did not immediately respond to Reuters request for comment. \n Once China's biggest developer, Country Garden defaulted on its $11 billion in offshore bonds late last year and is fighting a liquidation petition in Hong Kong. The next court hearing has been set for Jan 20, 2025.Country Garden's revised cash flow outlook comes after the government has rolled out a raft of measures over the past year to revive the property sector, which has slumped in recent years as developers succumbed to a mountain of debt.China's new home prices in October fell the most year-on-year since 2015, while property investment declined 10.3% in the first 10 months of 2024, official data showed on Friday, suggesting the support measures have had little impact so far.The finance ministry last week introduced new tax incentives to further lower the cost of home purchases and spur demand -- its latest support effort. 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Lower cash flow is expected due to assets selloff to lower&nbsp;liabilities: in short no&nbsp;doubt bottom is over.. Huge appetite for upside during trading resumption [Yummy]&nbsp; Yummy gains...","listText":"Lovely news! Debt restructuring plan moving in&nbsp;favour of creditors acceptance. Lower cash flow is expected due to assets selloff to lower&nbsp;liabilities: in short no&nbsp;doubt bottom is over.. Huge appetite for upside during trading resumption [Yummy]&nbsp; Yummy gains...","text":"Lovely news! Debt restructuring plan moving in favour of creditors acceptance. Lower cash flow is expected due to assets selloff to lower liabilities: in short no doubt bottom is over.. Huge appetite for upside during trading resumption [Yummy] Yummy gains...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/372290347208840","repostId":2484952246,"repostType":2,"repost":{"id":"2484952246","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"pubTimestamp":1731901835,"share":"https://ttm.financial/m/news/2484952246?lang=en_US&edition=fundamental","pubTime":"2024-11-18 11:50","market":"us","language":"en","title":"EXCLUSIVE-Country Garden submits offshore debt restructuring plan to creditors, sources say","url":"https://stock-news.laohu8.com/highlight/detail?id=2484952246","media":"Reuters","summary":"EXCLUSIVE-Country Garden submits offshore debt restructuring plan to creditors, sources sayDebt revamp proposal presented to offshore creditors last monthProposal projects lower cash flow compared to previous forecastCountry Garden faces next liquidation court hearing on Jan. 20 By Xie Yu and Clare Jim. HONG KONG, Nov 18 - Country Garden 2007.HK submitted the preliminary terms of its offshore debt restructuring proposal to some creditors late last month, said five sources familiar with the matter, as the indebted Chinese property developer tries to avoid liquidation.The restructuring proposal includes a revised cash flow projection, said two of the sources who have direct knowledge and another person familiar with the matter, a standard part of a debt restructuring process to show creditors the firm's ability to meet its obligations.The projection shows the developer expects a weaker cash flow in coming years compared with the estimates it had shared with some offshore creditors e","content":"<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>EXCLUSIVE-Country Garden submits offshore debt restructuring plan to creditors, sources say</title></head><body><div>Debt revamp proposal presented to offshore creditors last monthProposal projects lower cash flow compared to previous forecastCountry Garden faces next liquidation court hearing on Jan. 20 </div>By Xie Yu and Clare Jim\nHONG KONG, Nov 18 (Reuters) - Country Garden 2007.HK submitted the preliminary terms of its offshore debt restructuring proposal to some creditors late last month, said five sources familiar with the matter, as the indebted Chinese property developer tries to avoid liquidation.The restructuring proposal includes a revised cash flow projection, said two of the sources who have direct knowledge and another person familiar with the matter, a standard part of a debt restructuring process to show creditors the firm's ability to meet its obligations.The projection shows the developer expects a weaker cash flow in coming years compared with the estimates it had shared with some offshore creditors earlier this year, two of the sources said.Details of the cash flow projection were not immediately known.The sources declined to be identified as they were not authorised to speak to the media.A spokesperson for Country Garden did not immediately respond to Reuters request for comment. \n Once China's biggest developer, Country Garden defaulted on its $11 billion in offshore bonds late last year and is fighting a liquidation petition in Hong Kong. The next court hearing has been set for Jan 20, 2025.Country Garden's revised cash flow outlook comes after the government has rolled out a raft of measures over the past year to revive the property sector, which has slumped in recent years as developers succumbed to a mountain of debt.China's new home prices in October fell the most year-on-year since 2015, while property investment declined 10.3% in the first 10 months of 2024, official data showed on Friday, suggesting the support measures have had little impact so far.The finance ministry last week introduced new tax incentives to further lower the cost of home purchases and spur demand -- its latest support effort. China also cut benchmark lending rates by 25 basis points in October to try to boost demand.At a hearing in July, Country Garden told the Hong Kong High Court that it expected to publish the term sheets for a revamp of its offshore debt to creditors in September and that it planned to seek approval from the court on that arrangement early next year. The company missed the September deadline.If Country Garden can gain support from its key creditors for the restructuring proposal before the January court hearing, it would pave the way for the company to seek more time from the court to implement a restructuring plan.PJT Partners PJT.N, a financial adviser representing the main group of Country Garden's offshore bondholders for the debt restructuring talks, did not immediately respond to request for comment. 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The next court hearing has been set for Jan 20, 2025.Country Garden's revised cash flow outlook comes after the government has rolled out a raft of measures over the past year to revive the property sector, which has slumped in recent years as developers succumbed to a mountain of debt.China's new home prices in October fell the most year-on-year since 2015, while property investment declined 10.3% in the first 10 months of 2024, official data showed on Friday, suggesting the support measures have had little impact so far.The finance ministry last week introduced new tax incentives to further lower the cost of home purchases and spur demand -- its latest support effort. China also cut benchmark lending rates by 25 basis points in October to try to boost demand.At a hearing in July, Country Garden told the Hong Kong High Court that it expected to publish the term sheets for a revamp of its offshore debt to creditors in September and that it planned to seek approval from the court on that arrangement early next year. The company missed the September deadline.If Country Garden can gain support from its key creditors for the restructuring proposal before the January court hearing, it would pave the way for the company to seek more time from the court to implement a restructuring plan.PJT Partners PJT.N, a financial adviser representing the main group of Country Garden's offshore bondholders for the debt restructuring talks, did not immediately respond to request for comment. (Reporting by Xie Yu and Clare Jim, additional reporting by Scott Murdoch in Sydney; Editing by Sumeet Chatterjee and Neil Fullick) ((Yu.Xie@thomsonreuters.com;))</body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4127":"投资银行业与经纪业","BK1240":"房地产开发","BK1598":"恒大概念","BK1589":"北水核心资产","BK1507":"粤港澳大湾区","BK1521":"挪威政府全球养老基金持仓","BK1555":"内房股","02007":"碧桂园","BK1610":"ETF&股票定投概念","03333":"中国恒大","PJT":"Pjt Partners Inc"},"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20241118:nL8N3MJ0JM:1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2484952246","content_text":"EXCLUSIVE-Country Garden submits offshore debt restructuring plan to creditors, sources sayDebt revamp proposal presented to offshore creditors last monthProposal projects lower cash flow compared to previous forecastCountry Garden faces next liquidation court hearing on Jan. 20 By Xie Yu and Clare Jim\nHONG KONG, Nov 18 (Reuters) - Country Garden 2007.HK submitted the preliminary terms of its offshore debt restructuring proposal to some creditors late last month, said five sources familiar with the matter, as the indebted Chinese property developer tries to avoid liquidation.The restructuring proposal includes a revised cash flow projection, said two of the sources who have direct knowledge and another person familiar with the matter, a standard part of a debt restructuring process to show creditors the firm's ability to meet its obligations.The projection shows the developer expects a weaker cash flow in coming years compared with the estimates it had shared with some offshore creditors earlier this year, two of the sources said.Details of the cash flow projection were not immediately known.The sources declined to be identified as they were not authorised to speak to the media.A spokesperson for Country Garden did not immediately respond to Reuters request for comment. \n Once China's biggest developer, Country Garden defaulted on its $11 billion in offshore bonds late last year and is fighting a liquidation petition in Hong Kong. The next court hearing has been set for Jan 20, 2025.Country Garden's revised cash flow outlook comes after the government has rolled out a raft of measures over the past year to revive the property sector, which has slumped in recent years as developers succumbed to a mountain of debt.China's new home prices in October fell the most year-on-year since 2015, while property investment declined 10.3% in the first 10 months of 2024, official data showed on Friday, suggesting the support measures have had little impact so far.The finance ministry last week introduced new tax incentives to further lower the cost of home purchases and spur demand -- its latest support effort. China also cut benchmark lending rates by 25 basis points in October to try to boost demand.At a hearing in July, Country Garden told the Hong Kong High Court that it expected to publish the term sheets for a revamp of its offshore debt to creditors in September and that it planned to seek approval from the court on that arrangement early next year. The company missed the September deadline.If Country Garden can gain support from its key creditors for the restructuring proposal before the January court hearing, it would pave the way for the company to seek more time from the court to implement a restructuring plan.PJT Partners PJT.N, a financial adviser representing the main group of Country Garden's offshore bondholders for the debt restructuring talks, did not immediately respond to request for comment. (Reporting by Xie Yu and Clare Jim, additional reporting by Scott Murdoch in Sydney; Editing by Sumeet Chatterjee and Neil Fullick) ((Yu.Xie@thomsonreuters.com;))","news_type":1,"symbols_score_info":{"PJT":0.9,"02007":0.9,"03333":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":373019767460008,"gmtCreate":1732098741699,"gmtModify":1732107579976,"authorId":9000000000000643,"author":{"id":9000000000000643,"idStr":"9000000000000643","authorId":9000000000000643,"name":"CuritisCissie","avatar":"https://static.tigerbbs.com/853fb9adccc3a8c9bc7f56a31f6b1adb","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":372290347208840,"type":1,"supId":0,"prevId":0,"content":"It's great to hear","text":"It's great to hear","html":"It's great to hear"},{"id":373061927440416,"gmtCreate":1732098433348,"gmtModify":1732098438384,"authorId":10000000000010976,"author":{"id":10000000000010976,"idStr":"10000000000010975","authorId":10000000000010976,"name":"gogoooCn","avatar":"https://static.tigerbbs.com/b17af8d14081700b793911bb75de6b67","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":372290347208840,"type":1,"supId":0,"prevId":0,"content":"Hope so…","text":"Hope so…","html":"Hope so…"}],"langContent":"EN"}],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484952246","isCrawlerRequest":true}