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Country Garden (COGARD) is reported to have missed coupons totaling $15.4mn on its 6.15% 2025s, according to a few bondholders. The notes have a 30-day grace period before which it may be considered to be in default. The missed payment comes just weeks after COGARD made $22.5mn in coupon payments on two other dollar bonds in the last minute within their grace period to avert a default. Earlier this week, COGARD won its local bondholders’ approval for a maturity extension on nine of its local notes helping temporarily ease its liquidity stresses.
COGARD’s dollar bonds are trading at deeply distressed levels of less than 10 cents on the dollar.
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