In a recent update, distressed Chinese real estate developer, Country Garden Holdings Co., declared it has appointed Linklaters LLP to serve as the primary legal adviser for its offshore debt restructuring activities. The company used the opportunity to request patience from its creditors as it continues to make strides in its restructuring efforts.
Linklaters is expected to facilitate essential communication between Country Garden and its offshore creditors, as the developer mentioned in a statement to the Hong Kong stock exchange. Furthermore, Country Garden has included Kroll LLC in its recovery efforts to perform an independent analysis, providing key information to creditors.
The real estate developer expressed that it has realized “significant progress” on its restructuring blueprint and reassured its determination to accomplish the restructuring objectives. The appointment of a leading international law firm, like Linklaters, to guide in legal matters during such a crucial phase is a significant move indicative of the company’s commitment to effective and law-abiding debt restructuring.
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