The letter said some important notices were sent only to selective bondholders, and that the meeting with some bondholders for the vote had been delayed multiple times without reasons being clearly explained.It was not immediately clear what impact the objections of the small bondholders will have on the repayment extension deal.
One of the bondholders, who signed the letter and declined to be named due to the sensitivity of the matter, said creditors wanted to voice their discontent and flag the process to regulators.Country Garden declined to comment. DeHeng Law Offices, a Beijing-based law firm that signed off Country Garden's voting results in a legal opinion letter sent to investors on Saturday, said the voting was held under legal procedures and the results were effective.The protest by some Country Garden creditors underscores how bumpy the debt restructuring process for the developer could be, as it faces multiple bond payment deadlines both onshore and offshore in coming months.
Source: Loan Digest (loandigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Country Garden woes: What we know about the temporary reprieve and broader risksBEIJING: Country Garden creditors have approved postponing the repayment of a key loan, narrowly avoiding a potential default, Bloomberg reported Saturday (Sep 2). Here is what th
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Country Garden wins bond extension in relief for China's property sectorBEJING: Country Garden has won approval from its creditors to extend payments for an onshore private bond, according to sources and a document seen by Reuters, in a
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
After Country Garden debt deal, focus shifts to China property recovery prospectsThe financial woes of China’s top private developer have highlighted the fragile state of the country’s real estate industry. Read more at straitstimes.com.
Source: straits_times - 🏆 5. / 69 Read more »
Country Garden set to open up 5.6% after deal to extend onshore bond paymentShares of Country Garden Holdings Co Ltd were set to open up 5.6 per cent on Monday after the embattled Chinese developer won approval from its creditors to extend payments for an onshore private bond.The stock was set to open at HK$0.94. That compared to a 1.1 per cent rise in the benchmark Hang Seng Ind
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
After Country Garden debt deal, focus shifts to China property recovery prospectsHONG KONG: Country Garden's deal with creditors for an extension on onshore de
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Retired Hong Kong screen goddess Cherie Chung spotted at ice kacang shop in MalaysiaShe was in the country to accompany food critic Chua Lam, who attended a calligraphy exhibition. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »