COUNTRY Garden Holdings is delaying a deadline again for the holders of a yuan bond to vote on several proposals regarding the note repayment, in its latest struggle to avoid what would be its maiden bond default.

China’s sixth largest developer by sales is pushing the deadline back by one day to 10.00 pm Beijing-time on Friday (Sep 1), according to filings to the Shanghai Stock Exchange’s private disclosure platform that were seen by Bloomberg News. The delay on the voting deadline is to give sufficient time for bondholders to discuss and decide on the proposals, according to the filings.

The proposals for holders of the 3.9 billion yuan (S$736 million) bond, which will effectively mature on Sep 4, to vote on include a three-year extension plan, a grace period of 40 calendar days, as well as some bondholders’ request of full payment upon maturity. The deadline was delayed once to Thursday from Aug 25, and put back again at the last minute.

Before the deadline extension, another proposal to declare a default on the yuan bond on the wake of a rating downgrade by an offshore rating firm was added to the agenda, according to an earlier filing dated Aug 30.

Country Garden didn’t immediately offer a comment when reached out of office hours. BLOOMBERG