Country Garden announces progress on restructuring, taps legal adviser

By Marisa Wong

Los Angeles, April 8 – Country Garden Holdings Co. Ltd. issued an update on its offshore liability restructuring in an announcement on Sunday.

The company announced that it has engaged Linklaters (dlcogard@linklaters.com) as its principal legal adviser in respect of the offshore liability restructuring.

According to its prior announcement on Jan. 16, the company had engaged KPMG Advisory (China) Ltd. (Cogard@kpmg.com) as the principal financial adviser for the restructuring.

Similar to its Oct. 10 and Jan. 16 announcements, the latest announcement underlines the company’s intention to work with creditors on a holistic solution to address its offshore debt, one that ensures the long-term development of the group, safeguards the interests of all stakeholders and ensures fair treatment of all creditors.

The company noted on Sunday that it “has made significant progress in establishing an offshore liability restructuring process and is progressing the restructuring in an orderly manner.”

The company said it values the input from its creditors and wanted to express its gratitude to its creditors for their patience, constructive engagement and support.

A coordination committee of bank creditors and an ad hoc group of bondholders have been formed, according to the latest update.

KPMG has continued its work on preparing a cash flow model.

In addition, the company has also engaged Kroll to perform an independent recovery analysis on the group on the basis of a duty of care being owed to the creditors in order to provide a common information platform for creditors.

Country Garden is a Foshan, China, real estate developer.

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