Country Garden Bondholders Approve Delays on Yuan Bond Payments [Yahoo! Finance]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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en.bgy.com.cn
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Source: Yahoo! Finance
Most Read from Bloomberg Bondholders approved a payment extension on Country Garden's 4.5% note due 2026 late Wednesday after its main onshore unit delayed the voting deadline multiple times. Payment delays on eight other bonds were granted earlier this month, the people said, citing private conversations. Country Garden didn't immediately respond to a request for comment. The payment delays offer Country Garden some breathing room as its seeks to draw up a fresh holistic restructuring plan. But onshore bondholders will now have to wait longer to recoup part of their losses from the defaulted developer. Country Garden sought the six-month extensions after failing to secure enough cash to repay principal and interest on the yuan notes. Three of the bonds that were granted delays had already gotten extensions twice before, including a 4.8% note, a 6.3% note and another 4.8% bond. Once China's biggest developer by sales, Country Garden has seen a sharper slowdown than its pe
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