Reported 11 months ago
Embattled Chinese property developer Country Garden announced that the Hong Kong High Court has further adjourned a hearing regarding a petition for the company's liquidation, now scheduled for July 29. The delay follows a previous adjournment from May to June requested by Country Garden to prepare more evidence. The company's ability to demonstrate progress in debt restructuring talks with offshore creditors could help counter the liquidation petition. Country Garden defaulted on $11 billion of offshore bonds last year and is undergoing an offshore debt restructuring process, with Ever Credit Limited filing a petition over a $205 million loan in February. The company's shares have been suspended from trading since April 2, awaiting the release of its 2023 financial results.
Source: YAHOO