Country Garden: Proposed restructuring receives strong support from creditors holding large amounts of existing debt

On August 18th, Country Garden (02007.HK) announced that it has agreed with the Coordinating Committee on the main terms of the proposed restructuring. The Coordinating Committee accounts for 49% of the total principal of the existing syndicated loan. Members of the Coordinating Committee have joined the Restructuring Support Agreement (amendments have been made as outlined below), or are in the process of internal procedures to obtain relevant approval to join the Restructuring Support Agreement. The Company is also pleased to announce that holders representing more than 77% of the total principal of Category 2 debt have joined the Restructuring Support Agreement. The Company is working closely with the Project Team and the Coordinating Committee on the long-form document of the proposed restructuring, and continues to work towards completing the proposed restructuring by the end of 2025.