(May 22): Chinese developer Country Garden Holdings Co has secured backing from nearly 75% of bondholders for its offshore restructuring, according to people familiar with the matter, ahead of a liquidation hearing next week.
The company needs the support of creditors holding three-quarters of all debt as well as majorities of individual groups of debt holders to pass the plan through a “scheme of arrangement” procedure in Hong Kong. While it is close to securing that level from bondholders alone, so far a key group of bank creditors, known as the co-ordination committee, hasn’t signed on to the plan, the people added.
Country Garden has a winding up hearing scheduled for Monday, as it pursues one of the biggest restructurings by a…
