CHINESE property developer Country Garden said on Friday it had reached an agreement with creditors holding nearly 30 per cent of its existing offshore bond debt and was close to finalising terms with another group of bank creditors.
The company is now in a restructuring process that aims to cut its US$16.4 billion of offshore debt by 70 per cent. Creditors holding 29.9 per cent of US$10.3 billion in bonds had agreed to the plan, it said.
The embattled developer, which had secured a reprieve from potential liquidation until May 26, was also close to finalising a deal with a lender group made up of seven banks who hold three syndicated loans with an outstanding principal amount of US$3.6 billion.
The real estate firm has offered five…
