Hong Kong (Reuters) – A Hong Kong court postponed the hearing on a petition for Kaisa Group’s (1638.HK) liquidation on Monday. The new hearing date is September 9. This extra time will allow the beleaguered Chinese developer to work out a debt restructuring plan with some of its bondholders.
After defaulting in late 2021, the Shenzhen-based developer has been trying to restructure its $12 billion offshore debt for the past two years.
According to LL Tam, senior adviser for Kaisa, the company was completing the paperwork for a restructuring agreement with bondholders, which it hoped would be finalised in less than a month, outside of court. Since a previous petitioner withdrew in March, Citicorp International, the trustee of a significant group of bondholders, has been serving as the petitioner. In the Hong Kong court on Monday, the petitioner made no objections to the request for an adjournment.
The court is dealing with the nonpayment of 2023 notes with a $750 million principal balance.
Outside the courtroom, Kaisa senior adviser LL Tam stated that the company was completing the paperwork for a restructuring agreement with bondholders, which it hoped would be finalised in less than a month.
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