Country Garden Dollar Bond Coupon Due as Yuan Debt Vote to End
- Distressed builder owes $15.4 million of interest on note
- Vote also set to end Monday on proposal to extend a yuan bond
This article is for subscribers only.
Distressed Chinese developer Country Garden Holdings Co. faces two more tests Monday: an initial deadline to pay dollar bond interest and the end of creditor voting on its request to extend payment on a yuan note.
Holders of that local bond due Oct. 21 have until 10 p.m. Beijing time Monday to vote on the proposal to stretch payment by three years. If they reject it, Country Garden would need to pay the 492 million yuan ($67.6 million) of outstanding principal next month, its largest near-term maturity just as it’s struggled to make smaller payments.