Country Garden's entire offshore debt to be in default if Tuesday payment not made

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Bruce Cockburn: 50 years of music, spirituality and social justice | SaltWireHONG KONG - Country Garden's entire offshore debt will be deemed to be in default if China's largest property developer fails to make a $15 million coupon payment on Tuesday, the end of a 30-day grace period.Non-payment of this tranche is set to trigger cross defaults in other bonds as is standard in bond contracts.

Country Garden has also missed other offshore payments in the past few weeks though those payments still have not seen their 30-day grace periods lapse.With nearly $11 billion of offshore bonds and $6 billion of offshore loans, a default by Country Garden would set the stage for one of China's biggest corporate debt restructurings.

Last week, printed circuit board maker Kingboard Holdings became one of the first known listed companies to take legal action against Country Garden when a unit, which is owed HK$1.6 billion , issued a statutory demand seeking repayment.

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