Country Garden Has Wired Ringgit Bond Coupon
- Chinese builder owed 2.85 million ringgit in interest on note
- But it’s yet to pay dollar coupons as grace period end looms
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Distressed Chinese builder Country Garden Holdings Co. has wired a coupon payment coming due on a ringgit-denominated bond, according to people familiar with the matter, in its latest effort to avoid default.
The developer, which won approval Friday to extend a separate maturing yuan bond, told creditors that it has made the ringgit coupon payment, the people said, asking not to be identified speaking about a private matter. The 2.85 million ringgit ($613,365) coupon is effectively due Sept. 4, according to data compiled by Bloomberg.