Country Garden on Verge of First Default Amid Silence on Bond

-- Distressed Chinese builder Country Garden Holdings Co. has remained silent as a grace period is ending for dollar-bond interest that if unpaid would mark its first-ever public default.A holder of the note, on which $15.4 million of interest is owed, said they had yet to receive money as of 9 a.m. Hong Kong time Wednesday from the country’s former top developer. They requested anonymity as they’re not authorized to speak publicly.

An eventual default wouldn’t come as a surprise given the builder’s dollar bonds are trading at deeply distressed levels of around 5 cents, indicating low expectations for debt recovery. Country Garden also said last week that it hadn’t made a due payment totaling HK$470 million “under certain of its indebtedness,” without specifying.

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Source: Loan Digest (loandigest.net)

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