AsianFin -- Country Garden Holdings Co. has failed to meet its self-imposed deadline to finalize a debt restructuring deal, as the struggling developer faces challenges in securing creditor support, Bloomberg reported, citing sources familiar with the matter.

The Chinese property giant, which defaulted on its dollar debt in 2023, informed a court in January that it aimed to reach an agreement by the end of February. However, progress with a key group of creditors has stalled, the sources said, requesting anonymity due to the sensitivity of the discussions.

Bloomberg previously reported that Country Garden was likely to miss its end-February target, citing disagreements over key restructuring terms, including the pricing of mandatory conversion bonds and debt repayment schedules.