Sidley Austin and Maples Group are advising China’s largest private property developer Country Garden’s impending $17 billion offshore debt restructuring, Law.com International has learned.
The distressed Chinese private property developer has been battling about $190 billion in total liabilities, coupled with nearly $11 billion in offshore debt and $6 billion in offshore loans. The company is on the brink of a possible default on its offshore debt as the 30-day grace period for a $15.4 million payment ends on October 17. It had also earlier failed to settle a $60 million debt payment denominated in Hong Kong dollars.
