HONG KONG: China's Country Garden submitted the preliminary terms of an offshore debt restructuring proposal to some creditors late last month and lowered its cash flow projection, said sources, as the struggling property developer looks to avoid liquidation.
The company revised its cash flow projection in the proposal, said two sources who have direct knowledge of the plan and another person familiar with the matter. The projection is a standard part of a debt revamp process to show a firm's ability to repay.
