Exclusive-Country Garden plans to present debt revamp plan in second half, sources say

HONG KONG - Country Garden has told some of its offshore creditors it plans to present a debt restructuring proposal in the second half of this year, two sources said, as the embattled developer scrambles to stave off a liquidation petition.

If Country Garden is able to present a debt restructuring proposal to its offshore creditors and get their approval for implementing it, it would help the developer push back against the liquidation petition. The company is conducting due diligence on its business health, which is required for working on any restructuring proposal.

In previous cases in Hong Kong, the court has made a number of adjournments on hearing before a decision was made.

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