HONG KONG: A Hong Kong court on Monday (Aug 12) adjourned a hearing into a petition seeking liquidation of Kaisa Group until Sep 9, giving the embattled Chinese developer more time to reach agreement with some bondholders on its debt restructuring plan.
A sign of the Kaisa Holdings Group is seen at the Shanghai Kaisa Financial Centre, in Shanghai, China, on Dec 7, 2021. HONG KONG: A Hong Kong court on Monday adjourned a hearing into a petition seeking liquidation of Kaisa Group until Sep 9, giving the embattled Chinese developer more time to reach agreement with some bondholders on its debt restructuring plan.
The Shenzhen-based developer has been working to restructure its US$12 billion offshore debt for two years after defaulting in late 2021. Kaisa senior adviser LL Tam said outside the court the company was finalising documents for a restructuring agreement with bondholders that it hoped would be settled in less than a month.
Citicorp International, the trustee of a major group of bondholders, has been acting as petitioner since March after a former petitioner withdrew. The petitioner did not object to the adjournment request in the Hong Kong court on Monday. We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.
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