Country Garden Bank Creditors Warn of Deal Breaker on Debt Plan

Chinese developer Country Garden Holdings Co.’s efforts to win backing for a $14.1 billion offshore restructuring are running into resistance as key bank creditors say failure to accept some of their demands would be a “deal breaker.”

The company, once China’s largest property developer by contracted sales, got a few months’ reprieve from its liquidation petition hearing on Monday, as High Court Judge Linda Chan decided to adjourn the case to Aug. 11.