On April 7, Country Garden Holdings Co., Ltd. (hereinafter referred to as "Country Garden") issued an announcement to disclose the progress of its overseas debt restructuring and the appointment of legal counsel.
According to the announcement, after announcing on October 10, 2023 that it would seek a comprehensive solution, Country Garden has made positive progress in its offshore debt restructuring in cooperation with creditors and key advisers. The Company has set up a Coordination Committee to represent the bank's creditors and a project team to represent the bondholders, and the two parties are currently discussing an information-sharing mechanism and fee arrangements.
According to the announcement, the company has worked closely with creditors and key advisers in the past few months to make positive progress in establishing an offshore debt restructuring procedure, and is progressing the process in an orderly manner. The key financial advisers are continuing to advance the preparation of cash flow models. In addition, in order to provide a common information platform for creditors, the Company has engaged Dean Wawa to conduct an independent debt recovery analysis of the Group, so as to help creditors make better rational judgments when reviewing the Company's operations in the future.
In addition, the Company has engaged Linklaters as the lead legal counsel for the offshore debt restructuring. Linklaters will work with the Company and its key advisers to ensure that there is a transparent and constructive dialogue between the Company and its offshore creditors. The Company and the advisers will work with creditors to explore all viable offshore debt restructuring options in order to find a holistic solution to the current situation.
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Yang Huiyan, Chairman of the Board of Directors of Country Garden Group. Source: Country Garden's official website
Country Garden announced on March 28 this year that it would delay the publication of its 2023 annual results. The announcement also mentioned that the company may suspend trading in its shares.
According to the announcement, due to the continuous volatility of the industry, Country Garden is facing an increasingly complex business environment, and it is necessary to collect more information to make appropriate accounting estimates and judgments, so as to reasonably reflect the changes in the industry and the company in Country Garden's consolidated financial statements for the year ended December 31, 2023.
At the same time, as Country Garden's debt restructuring work is still ongoing, given the large number and wide distribution of Country Garden's projects, and the large amount of work and complexity involved in the relevant due diligence, Country Garden needs more time to collect relevant financial data to carefully evaluate Country Garden's current and future financial resources and financial obligations. Country Garden is working with financial advisers and legal advisers to evaluate Country Garden's position and is working closely with various creditors to develop a practical approach as soon as possible.
After that, Country Garden announced again on April 2 that from 9 o'clock on the same day, Country Garden officially suspended stock trading on the Hong Kong Stock Exchange pending the publication of its 2023 annual results.
At present, Country Garden is still suspended.
■Source: Country Garden's official website
■编辑：欧帆、越玥、张阿嫱