Country Garden has secured approval from its creditors to extend the maturity of one more onshore bond by three years, two sources with knowledge of the matter said, as the cash-strapped Chinese developer scrambles to avoid a default, reports Reuters.
Country Garden’s onshore creditors voted on Monday for proposals by the distressed developer to extend repayments on eight onshore bonds worth RMB 10.8 billion ($1.48 billion) by three years.
Of those eight Country Garden bonds, maturity extensions for six have been approved, Reuters reported on Tuesday, citing sources. The decision of one remaining bond put on the vote is not known yet.
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