China's Kaisa Group liquidation hearing adjourned by Hong Kong court (updated)

Kaisa group

12/08/2024 03:05

(Adds details in paragraphs 2-5)
    By Clare Jim and Xie Yu
       HONG KONG, Aug 12 (Reuters) - A Hong Kong court on
Monday adjourned a hearing into a petition seeking liquidation
of Kaisa Group  1638.HK  until Sept. 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 $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.
    The matter before the court concerns the non-payment of 2023
notes with an outstanding principal of $750 million.
 

 (Reporting by Clare Jim and Xie Yu in Hong Kong; Writing by
Scott Murdoch; Editing by Christian Schmollinger and Jacqueline
Wong)
 ((Scott.Murdoch@thomsonreuters.com;))