China's Kaisa to hold shareholder meeting in December to discuss restructuring (updated)

Kaisa group

29/11/2024 14:33

(Recasts with EGM schedule, adds details and background
throughout)
       Nov 29 (Reuters) - China-based property developer Kaisa
 1638.HK  said on Friday it would hold an extraordinary general
meeting of its shareholders on Dec. 18 to seek various approvals
in relation to its $12.27 billion debt restructuring agreement.
    The developer has been working to restructure its debt since
defaulting on $12 billion in offshore bonds in late 2021. 
    At the meeting, Kaisa would discuss with its creditors
matters relating to its offering worth $5 billion of U.S.
dollar-denominated senior notes and $4.8 billion worth of
mandatory convertible bonds. 
    It would also go over the work fee share issue with Citicorp
International, a bond trustee of an ad hoc group of bondholders
(AHG). The work fee share issue is around $26.9 million.
    Kaisa is due for a Hong Kong court hearing on Dec. 19, where
it will seek permission to hold a creditors' vote on its debt
overhaul plan.
    Kaisa is the second-largest offshore debt issuer among
Chinese developers after China Evergrande Group  3333.HK . It
became the first among its peers to default on dollar bonds in
2015.
    Many Chinese property developers have defaulted since the
sector slipped into a debt crisis in mid-2021, and only a
handful of companies have completed their offshore debt
restructuring.

 (Reporting by Roshan Thomas in Bengaluru; Editing by Shinjini
Ganguli)
 ((Roshan.Thomas@thomsonreuters.com;))