Country Garden appoints legal adviser, urges creditor patience
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Distressed Chinese property developer Country Garden Holdings Co. has engaged Linklaters LLP as the principal legal adviser for its offshore debt restructuring. The company has also engaged Kroll LLC to perform an independent recovery analysis on the group to provide information for creditors. Country Garden has made significant progress on its restructuring plan and is determined to advance a holistic solution that ensures the long-term development of the group and fair treatment of all creditors. The company is facing financial woes, with an 83% slump in home sales last month exacerbating its cash crunch. It recently warned it will miss a deadline for reporting annual results, causing its shares to be suspended from trading in Hong Kong. Country Garden is also fighting off a winding-up petition in a Hong Kong court filed by a single creditor, with the first hearing scheduled for May 17. An ad-hoc group of creditors has named PJT Partners Inc. as financial adviser and Kirkland & Ellis LLP as legal adviser. KPMG Advisory (China) Ltd. is the principal financial adviser for Country Garden's restructuring.
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