Country Garden Agrees to Key Bank Demands, Easing Debt Deal Path

Chinese developer Country Garden Holdings Co. has agreed to some key restructuring terms a group of bank creditors had demanded, according to people familiar with the matter, potentially easing the path for an overall debt deal.

The company, once China’s biggest developer, has sent a document to a group of banks known as the co-ordination committee addressing their concerns. The document details a deal in which the key term is $178 million in compensation that Country Garden will pay the banks for the return of seized collateral, the people said, asking not to be identified discussing private matters.