Country Garden aims to have offshore debt restructuring plan by year end 

Market Impact

Offshore bondholders sought urgent talks with Country Garden after it did not pay the $15 million coupon on Oct.18 – the end of a 30-day grace period, sources with direct knowledge of the matter have said. CreditSights said in a Nov. 2 research note that Country Garden had “formally defaulted” on its offshore bonds due to the missed payment. The company has been privately communicating with some bondholders about its efforts to formulate a debt repayment plan since then, the sources said.