Kaisa shareholders approve $4.8 bln bond issue under restructuring plan

Kaisa group

18/12/2024 14:36

Dec 18 (Reuters) - Chinese property developer Kaisa
 1638.HK  said on Wednesday shareholders have approved the issue
of $4.8 billion worth of mandatory convertible bonds under its
debt restructuring plan.
    They have also approved the work fee share issue of around
$26.9 million with Citicorp International, a bond trustee of an
ad hoc group of bondholders, the company said.
    Kaisa, which was among the several developers hit by a
property crisis in China, has been working to restructure its
debt since defaulting on $12 billion in offshore bonds in late
2021.
    The restructuring plan covers other debts, including loans
and yuan-denominated asset-backed securities.
    Kaisa, the second-largest offshore debt issuer among Chinese
developers after China Evergrande Group  3333.HK , became the
first among its peers to default on dollar bonds in 2015.
    The company is due for a Hong Kong court hearing on Dec. 19,
where it would seek permission to hold creditors' vote on its
debt overhaul plan.

 (Reporting by John Biju in Bengaluru; Editing by Shilpi
Majumdar)
 ((John.Biju@thomsonreuters.com))