Distress runs deep at Country Garden, one of the world’s most heavily indebted developers with 1.36 trillion yuan ($187 billion) of total liabilities.
Chinese developer Country Garden Holdings ramped up warnings that it’s set for its first-ever default and hired advisers, the strongest indications yet the company is headed for a restructuring that would be one of the nation’s biggest.
Tuesday’s filing “may pressure the offshore bondholders to approve any upcoming restructuring proposal,” said Ting Meng, a senior credit strategist at Australia & New Zealand Banking Group. Its dollar bonds are indicated in a range of 5 to 7 cents, indicating how little holders expect to recover in any eventual restructuring.
Country Garden also said Tuesday it hired advisers, a step that distressed companies often take as they gear up to seek a broader debt restructuring. ADVERTISEMENT CONTINUE READING BELOW It has engaged China International Capital Corporation Hong Kong Securities and Houlihan Lokey as joint financial advisers and Sidley Austin as legal adviser.
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