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COUNTRY GARDEN Slides 10%+; Time Needed to Resolve Key Issues in Talks w/ 2 Key Creditor Groups
Recommend 11 Positive 38 Negative 22 |
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COUNTRY GARDEN (02007.HK) opened 5.3% lower at $0.54 today (22nd) and last traded at $0.51, down 10.5%, with 127 million shares traded, involving $67.9022 million. The Company announced that the High Court had on 20 January 2025 approved the adjournment application by the Company. The hearing of the Petition was then adjourned to 26 May 2025. Foreign media reported that COUNTRY GARDEN's lawyers had asked the court to allow time to resolve key issues in negotiations with the two major creditor groups, involving the lender groups' release of their guarantee packages in exchange for compensation, the conversion price of the convertible bonds and the terms of the new bonds. COUNTRY GARDEN was reportedly expected to reach an agreement with its creditors on the US$16.4 billion (about HK$127.82 billion) offshore debt restructuring next month and apply to the court for approval of the relevant terms in April. AAStocks Financial News |
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