(Reuters) -Embattled Chinese property developer Country Garden said on Monday it had reached an agreement with a core group of bank creditors that holds 49% of its offshore debt, marking another step in its $14.1 billion restructuring plan.
Once China’s largest developer, the company defaulted on $11 billion in offshore bonds in late 2023, adding to a sector-wide crisis that had already seen high-profile failures, including of China Evergrande Group.
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Country Garden, seeking to slash its offshore debt burden by 78%, said holders representing 77% of its bond value had accepted its restructuring proposal.
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