Country Garden Takes Step Toward Restructuring Offshore Debt
- Chinese builder in talks with advisers for crafting debt plan
- The firm missed a $15.4 million interest payment last week
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Chinese developer Country Garden Holdings Co. is in talks with Houlihan Lokey Inc. and China International Capital Corp. for both to become financial advisers and put together an offshore-debt restructuring plan, according to people familiar with the matter.
No contract has been signed, said the people, who asked not to be identified as the matter is private. Country Garden, the country’s former biggest builder, didn’t offer a comment when reached Wednesday. Houlihan and CICC declined to comment. Discussions are at a preliminary stage and there’s no guarantee a debt plan would emerge.