Mon 09/11/2023 19:59 PM
Reorg Asia’s Highlights:
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Complexity of Country Garden’s credit structure highlights enforcement challenges for USD noteholders seeking to access recovery value in a downside scenario. Intercreditor arrangements at the listco level could further complicate USD noteholder enforcement strategy;
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Avoiding default by payment of offshore coupons and extension of onshore bonds allows Country Garden flexibility to carry out asset sales, with the option to apply sale proceeds to repay...
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