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.
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