Source: e-company
On April 24, the market reported that$COUNTRY GARDEN (02007.HK)$The news that the plan for the second rollover of some domestic bonds was voted on. The e-Company reporter learned from people close to Country Garden that the relevant news is true.
The person familiar with the matter mentioned above said that on April 12, 2024, Country Garden published a notice to hold a bondholders' meeting on the three bonds H1 Biti 01, H1 Biti 02, and H1 Biti 04 (the original 21 Bitdi 01, 02, 04, respectively) to solicit opinions from bondholders on the matter of uniformly extending the principal and interest originally scheduled to be paid from March to June until September. According to the latest voting results, the above plan has been approved by the shareholders' meeting.
According to the previously announced rollover plan, Country Garden should pay interest on “21 Bitte 01” from March 12, 2023 to March 11, 2024, and should pay 2% of the principal and corresponding interest on April 12; in addition, it should pay 2% of the principal amount and corresponding interest of “21 Bitte 04” on March 17, 2024. Both bonds failed to be paid on time and entered a 30-day grace period.
Regarding the news that the three domestic bonds have been extended for the second time, the person familiar with the matter said, “This shows investors' understanding and support for the current state of Country Garden. It also effectively mitigates the risk of the company's immediate maturing bonds, and provides a valuable window for the company to raise repayment capital and resolve debt issues.”
Currently, Hong Kong stock Country Garden has been suspended since the beginning of April due to delays in publication of the company's 2023 results.
On April 7, Country Garden held a monthly group management meeting. At the meeting, Country Garden Chairman Yang Huiyan called on everyone in the company to be confident and determined to welcome the spring of the industry. Yang Hye-yeon also stressed, “The current policy aspects are being continuously optimized and benefits are continuously being unleashed. I believe the market will definitely improve again.”
Country Garden also recently issued an announcement on the progress of overseas debt restructuring, stating that in the past few months, the company has closely cooperated with creditors and key advisors to make positive progress in establishing an overseas debt restructuring procedure, and is proceeding with this procedure in an orderly manner. A coordination committee representing bank creditors and a task force representing bondholders have all been set up. Currently, key financial advisors are continuing to prepare a cash flow model.
editor/tolk