Troubled Chinese property developer Country Garden Holdings Co. Ltd. said its offshore debt restructuring plan has won strong creditor backing, clearing a najor hurdle in its $17.7 billion debt overhaul.
At a creditors’ meeting on Wednesday, 83.7% of lenders in the syndicated loan group and 96% of dollar bondholders voted in favor of the plan, well above the 75% approval threshold required under Hong Kong’s Companies Ordinance. Final court approval is expected on Dec. 4.
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