Distressed Chinese real estate developer China Fortune Land Development (CFLD) is said to be seeking a debt maturity extension of at least six months from creditors, as per Bloomberg. The company is expected to come up with a proposal on how it plans to repay its outstanding debt by early May, as per people familiar with the matter. CFLD saw its dollar bonds plummet since the start of the new year on news of a liquidity crunch, followed by a series of credit rating downgrades, defaults on debt payments and more overdue debt coming to light. The developer was last downgraded to RD (Restricted Default) by Fitch after missing a redemption payment of $530mn on its bonds due February 28. Most of CFLD’s dollar bonds are currently trading at ~41 cents on the dollar currently.
CFLD Said to Push Debt Maturities by 6 Months; To Issue Proposal by Early May
