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Liquidation Petition

All articles tagged with #liquidation petition

business-finance1 year ago

"Debt Woes Deepen for China's Country Garden with Liquidation Petition"

A liquidation petition has been filed against Chinese developer Country Garden for non-payment of a $205 million loan, adding to China's property sector woes and undermining Beijing's efforts to restore confidence in the industry. The petition, filed by a creditor, could cloud the developer's debt revamp prospects and exacerbate the real estate crisis, putting strain on its lenders and potentially delaying the recovery of the Chinese economy. Country Garden's shares were trading down 11% following the news, and the company has stated it will "resolutely" oppose the petition.

via Reuters|
#business-finance#china#country-garden
businessfinance1 year ago

"Debt Woes: Country Garden Faces Liquidation Petition Amid China Property Crisis"

Chinese property developer Country Garden, which defaulted on its debt last year, is now facing a liquidation petition from a creditor after failing to repay a loan. This comes amid a real estate crisis in China, with the collapse of rival firm Evergrande adding to concerns. Country Garden has stated it will vigorously oppose the petition, and a court hearing has been set for May 17. The ongoing real estate downturn in China has led to numerous major developers defaulting on their debt, prompting the central bank to take measures to address the crisis.

via CNN|
#businessfinance#chinese-property-developer#country-garden
business2 years ago

Evergrande's Liquidation Hearing in Hong Kong Court Delayed to January

The liquidation hearing for China Evergrande Group, the world's most indebted property developer, has been adjourned to January by a Hong Kong court, providing more time for the company to finalize a debt restructuring proposal. Evergrande's lawyers requested the adjournment, stating that no creditors were actively seeking liquidation. The company's shares jumped over 13% following the announcement. Evergrande, with over $300 billion in total liabilities, defaulted on its offshore debt in 2021, becoming a symbol of China's property sector crisis. The company is working on a revised restructuring plan to avoid liquidation, but some creditors have expressed opposition and threatened to seek liquidation if the terms do not change.

via Reuters|
#business#china-evergrande#debt-restructuring