Lovely news! Debt restructuring plan moving in favour of creditors acceptance. Lower cash flow is expected due to assets selloff to lower liabilities: in short no doubt bottom is over.. Huge appetite for upside during trading resumption [Yummy] Yummy gains...
EXCLUSIVE-Country Garden submits offshore debt restructuring plan to creditors, sources say
EXCLUSIVE-Country Garden submits offshore debt restructuring plan to creditors, sources sayDebt revamp proposal presented to offshore creditors last monthProposal projects lower cash flow compared to previous forecastCountry Garden faces next liquidation court hearing on Jan. 20 By Xie Yu and Clare Jim. HONG KONG, Nov 18 - Country Garden 2007.HK submitted the preliminary terms of its offshore debt restructuring proposal to some creditors late last month, said five sources familiar with the matter, as the indebted Chinese property developer tries to avoid liquidation.The restructuring proposal includes a revised cash flow projection, said two of the sources who have direct knowledge and another person familiar with the matter, a standard part of a debt restructuring process to show creditors the firm's ability to meet its obligations.The projection shows the developer expects a weaker cash flow in coming years compared with the estimates it had shared with some offshore creditors e
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Hope so…