Country Garden Begins Court Battle Against Liquidation Threat [Yahoo! Finance Canada]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: Yahoo! Finance Canada
court against a creditor seeking the liquidation of the defaulted Chinese developer. Most Read from Bloomberg A Hong Kong court on Friday adjourned the first hearing of the case until June 11, when Country Garden will make the case that it can come up with a plan for its debt obligations, months after a winding-up petition was filed against it by a creditor, a unit of laminate maker Kingboard Holdings Ltd. The creditor said that Country Garden failed to make payments on a term loan facility of about HK$1.6 billion ($205 million), plus accrued interest, according to an exchange filing. ADVERTISEMENT The main object of a wind-up petition is to speed up the debt-restructuring process by forcing the defaulted company to come up with a repayment plan through negotiations with creditors. This may be a long process for Country Garden, as bank creditors and bondholders likely will be involved in the talks since the developer borrowed billions of dollars in both syndicated loans and bo
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