Country Garden has proposed a deal to its offshore creditors that will cut its debt by $11.6 billion, paving the way for the property developer to seek more time from the high court in Hong Kong to implement a restructuring plan.

A key bondholder group of Country Garden Holdings Co., one of China’s most closely watched developers ensnared in the broader property crisis, isn’t on board with restructuring terms unveiled Thursday,

Chinese property developer Country Garden said on Thursday it proposed a restructuring deal for its offshore debt, providing its creditors multiple options, including converting their debt into cash and maturity extension.

Chinese developer Country Garden Holdings Co. proposed new terms with key banks that would slash its debt and lower borrowing costs, as the defaulted property firm inches toward an offshore restructuring.

Indebted Chinese developer Country Garden Holdings has proposed restructuring terms that aim to reduce its offshore debt by up to US$11.6 billion while providing creditors with multiple options including converting debt into cash or accepting extended maturity periods.