A lawyer for distressed property company Country Garden (HKG:2007) told a court in Hong Kong it expects to reach an agreement with creditors in February, Reuters reported.
The developer earlier proposed to creditors for a restructuring of its $16.4 billion debt by 70%, adding it had reached an "understanding" with a lender group, the report said.
Judge Linda Chan also agreed to move the hearing to May 26 from May 19 following a motion by Country Garden, the report said.
Kingboard (HKG:0148) unit Ever Credit filed charges against Country Garden in February 2024 to seek payment of a $205 million loan, Reuters said.
(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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