China's Country Garden hires Kroll to carry out liquidation analysis, sources say

Reuters03-27

HONG KONG/SYDNEY, March 27 (Reuters) - Country Garden

has picked Kroll to carry out a liquidation analysis, according to three sources, ahead of a court hearing in mid-May as the embattled Chinese developer pushes ahead with its offshore debt restructuring plan.

Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to the sources with direct knowledge of the matter.

The sources could not be named because they were discussing confidential information.

Country Garden and its advisor KPMG declined to comment. Kroll did not reply to Reuters queries on Wednesday.

(Reporting by Xie Yu in Hong Kong, Scott Murdoch in Sydney; Additional reporting by Clare Jim; Editing by Tom Hogue)

((Scott.Murdoch@thomsonreuters.com;))

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