On April 24, there was news from the market that the plan for the second extension of some domestic debt in country Garden had been voted on. A reporter from Company e learned from insiders close to country Garden that the relevant news was true.
The person familiar with the matter said that on April 12, 2024, country Garden published a notice to hold a bondholder meeting on three bonds: H1 Bidi 01, H1 Bidi 02, H1 Bidi 04 (formerly 21 Bidi 01, 02, 04, respectively). Consult bondholders on the unified extension of the principal and interest payment of the three bonds originally scheduled for March-June to September. According to the latest voting results, the above proposal has been approved by the holders' meeting.
According to the previously announced extension plan, country Garden should pay interest on "21 Bidi 01" from March 12, 2023 to March 11, 2024, and pay 2% principal and corresponding interest on April 12.Pandorabox9In addition, 2% of the principal and corresponding interest of "21 Bidi 04" should be paid on March 17, 2024, and both bonds were not repaid on time and entered the 30-day grace period.
With regard to the news of the second extension of the three domestic bonds, the above informed person believes that, "this reflects investors' understanding and support for the current state of country Garden, and also effectively defuses the risk of the company's immediate maturity bonds." for the company to raise debt service funds, solve debt problems to obtain a valuable window period. "
At present, Hong Kong stock country Garden (02007)Pandorabox9HK) due to the delay in the publication of the company's 2023 results, trading has been suspended since the beginning of April.
On April 7, country Garden held a monthly group management meeting, at which Yang Huiyan, chairman of the board of directors of country Garden, called on all members of the company to be confident and determined to usher in the spring of the industry. Yang Huiyan also stressed, "the current policy is being continuously optimized, continue to release positive, I believe that the market will be better again."
Country Garden also recently issued an announcement on the progress of offshore debt restructuring, saying that in the past few months, the company has worked closely with creditors and key advisers to make positive progress in establishing an offshore debt restructuring process and is advancing the process in an orderly manner. A co-ordinating committee on behalf of bank creditors and an ad hoc group on behalf of bondholders have been set up and the principal financial advisers are continuing to advance the preparation of the cash flow model.
This article was first posted on the official account of Wechat: e Company. The content of the article belongs to the author's personal point of view and does not represent the position of Hexun. Investors operate accordingly, at their own risk.