Country Garden (HKG:2007) presented to creditors the preliminary terms of its offshore debt restructuring plan, Reuters reported Monday, citing sources.
The Chinese real estate company also revised downward its cash flow projection in the coming years to demonstrate its ability to pay back debt, the report said, citing the sources.
Country Garden said it is negotiating with banking group creditors and an ad hoc group of US dollar bondholders regarding the terms of the restructuring plan, Reuters reported, citing a spokesperson for the real estate firm.
The company could not disclose the specifics of the operation, citing confidentiality reasons, but is optimistic it will reach a resolution with major creditor groups, the report said.
Country Garden did not immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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