HONG KONG (Reuters) – Chinese developer Country Garden Holdings said on Tuesday it may not be able to meet all of its payment obligations for its securities held overseas.

“Such default may result in relevant creditors of the group requiring acceleration of payment of the debt owed to them or taking liquidation measures,” the company said in a filing to the Hong Kong Stock Exchange Tuesday.

The group currently faces “significant” uncertainty over the disposal of its assets and its cash position remains under pressure, added the developer, which has $10.96 billion in offshore bonds and 42.4 billion yuan (5.54 billion euros) of loans not denominated in yuan.

Country Garden said it had appointed Houlihan Lokey, China International Capital Corporation (CICC) and law firm Sidley Austin as advisors to review its capital structure and liquidity position.

The company was scheduled to pay $66.8 million in coupons on Monday on dollar bonds maturing in 2024 and 2026, although the payments benefit from a 30-day grace period.

Country Garden did not indicate whether payment for the coupons had been made. The group failed to make a principal repayment of 470 million Hong Kong dollars (56.90 million euros) on certain debts, the company said in its report, without providing further details.

Country Garden also said Tuesday it had obtained approval from onshore bondholders for the extension of nine rounds of bonds totaling 14.7 billion yuan in principal, giving it “the time and space to focus on the recovery of the company,” according to the group.

(Reporting Scott Murdoch in Sydney, Xie Yu in Hong Kong; additional reporting Rishav Chatterjee, Corentin Chappron, editing by Kate Entringer)

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