(Bloomberg) Country Garden Holdings Co. is set to begin a major legal battle on Friday, squaring off in a Hong Kong court against a creditor seeking the liquidation of the defaulted Chinese developer. Most Read from BloombergUS Inflation Data Was Accidentally Released 30 Minutes EarlyPutin and Xi Vow to Step Up Fight to Counter US ‘Containment’With a BlackRock CEO, $9 Trillion Vanguard Braces for TurbulenceJamie Dimon Sees ‘Lot of Inflationary Forces in Front of Us’Dow Average Touches 40,000
Country Garden to begin court battle against liquidation threat businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
A liquidation petition filed against China's Country Garden will ramp up pressure on the embattled developer to come to the negotiating table for debt restructuring talks, some of its offshore creditors, advisers, and analysts said. The liquidation order against peer China Evergrande in January will also inject urgency into Country Garden to start formal discussions with creditors, they said. Country Garden said on Wednesday a liquidation petition had been filed against it in a Hong Kong court for non-payment of a $205 million loan by a creditor, Ever Credit Limited, a unit of Hong Kong-listed Kingboard Holdings.
The only Indian company to make it among the top 50 was Reliance Industries. The United States leads the pack with 611 firms on the list, followed by China at 346