Country Garden managed to postpone the judgment on the company’s liquidation in a Hong Kong court until May 26 this year, according to a statement released this Monday, 20, by the company, claiming to have support from its creditors. In a statement, the Chinese developer also informed that share negotiations will remain suspended indefinitely.
According to the Reutersone of Country Garden’s lawyers said the company hopes to reach an agreement with creditors on the restructuring of the offshore debt – valued at US$16.4 billion – by the end of February and deliver the terms for court approval by April.
The statements and the decision to postpone the trial took place in a session this Monday for the Hong Kong court to assess the progress of the restructuring, before deciding on the developer’s liquidation petition.
