Country Garden default warning
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 10 October 2023
⏱️ 7 minutes
🧾️ Download transcript
Summary
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Tuesday, October 10th, and I'm your host Julie Morgan. |
| 0:12.0 | Country Garden warns that it may not be able to pay its debt. |
| 0:15.8 | The company formerly known as Weight Watchers |
| 0:18.2 | is riding the Ozmpic Wave. |
| 0:20.3 | And PGT innovations received a takeover bid but rejected it. |
| 0:25.0 | Country Garden on Tuesday warned it may not meet all of its offshore debt obligations and could be in for debt restructuring. |
| 0:32.0 | The property developer said its liquidity... and could be in for debt restructuring. |
| 0:32.6 | The property developer said its liquidity position will remain very tight in the short to medium term. |
| 0:39.0 | Country Gardens, Hong Kong listed shares dropped 9.5% on the news. |
| 0:44.5 | Sales for China's largest private property developer |
| 0:47.6 | have been under remarkable pressure |
| 0:49.7 | with its September sales down 80.7% year over year. In addition it faces significant |
| 0:56.3 | uncertainty regarding asset disposals as there has not been any industry-wide |
| 1:01.4 | improvement in property sales. |
| 1:03.8 | Country Gardens said in an exchange filing that it has not yet defaulted, |
| 1:08.1 | although the debt non-payment may lead to creditors demanding an acceleration of payment or pursuing enforcement action. |
| 1:15.8 | As of Tuesday, the company failed to make a $60 million loan payment. |
| 1:20.1 | It has also missed coupon payments on some dollar bonds since last month. |
| 1:25.0 | Shares of W.W. International closed up 13% on Monday. |
| 1:30.0 | The uptick comes after an article in the Wall Street Journal highlighted the company's strategy to align itself with popular drugs used for weight loss, notably Ozimpic by Novonardis. |
| 1:41.0 | Facing the mounting pressure of popular weight loss medications, |
... |
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