Country Garden's offshore debt restructuring plan approved by HK court

Country Garden’s (2007) US$14.1 billion (HK$110 billion) offshore debt restructuring plan has been officially approved by a Hong Kong court after more than two years of restructuring negotiations, Bloomberg reported, easing the embattled developer’s debt burden.

Although the proposal had previously obtained the agreement from its creditors, the court's approval paved the way for it to proceed, therefore reducing its debt burden.

The restructuring plan included cash payment, convertible bonds, and new notes with a maturity extension of up to 11.5 years, according to an exchange filing.

In addition, its onshore debt restructuring proposal was ongoing, which is reportedly close to being finished.

Its share remained flat at HK$0.52 by Thursday noon.