Country Garden’s Offshore Creditors Hire Advisers for Debt Talks
- Ad-hoc creditor group appoints PJT, Kirkland & Ellis: people
- Houlihan Lokey, CICC no longer company debt advisers: people
A Country Garden project in Heyuan, China.
Source: Bloomberg
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A group of Country Garden Holdings Co.’s creditors has appointed financial and legal advisers, paving the way for more debt talks in what could be one of China’s largest-ever offshore restructurings.
The ad-hoc creditor group named PJT Partners Inc. as financial adviser and Kirkland & Ellis LLP as legal adviser, according to people familiar with the matter, who requested anonymity discussing private matters. The developer, which was once the nation’s biggest builder and has $190 billion of total liabilities, defaulted on dollar bonds in October, but has continued to pay off yuan notes.