Embattled Chinese developer Country Garden reached an agreement with 49% of bank creditors for its $14.1 billion restructuring plan. The company defaulted on $11 billion in offshore bonds in 2023, seeking to slash its debt burden by 78%. The deal requires support from more than 75% of creditor value to pass.

Country Garden faces a liquidation petition with a court hearing scheduled for January 2026. The company is working with bondholders and bank creditors to finalize restructuring documentation by the end of 2025. The developer had previously secured backing from a key bondholder group in April.

Read more at Yahoo Finance: Country Garden wins bank creditor group’s support for offshore debt overhaul