Chinese developer Country Garden has won approval from creditors to extend a deadline for a key bond repayment, narrowly avoiding a potential default, Bloomberg reported Saturday. But late Friday, bondholders agreed to postpone Saturday's repayment deadline until 2026, Bloomberg reported.
But late Friday, bondholders agreed to postpone Saturday's repayment deadline until 2026, Bloomberg reported.The group -- China's largest private developer in terms of sales last year -- remains far from in the clear.It was unable to deliver that payment in early August and was granted a 30-day grace period that ends Tuesday.
The company is estimated to"not have sufficient internal cash sources to address its upcoming offshore bond maturity", according to Moody's.
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