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Bond Market News
Kaisa Receives Majority Creditors’ Support For Debt Restructuring
September 18, 2024
Kaisa has received support from majority of its creditors for its debt restructuring plan, according to an exchange filing. The Group has received support from 75.11% of its debtholders and 81.07% of another debtholder group for its debt restructuring plan, proposed earlier in August. This marks a critical step for Kaisa as it has been facing winding-up petition in HK courts over non-payment of dues. As part of the restructuring, Kaisa has proposed to issue $5bn in new bonds maturing between 2027 and 2032 and $4.8bn of mandatory convertible bonds to repay creditors.
Its dollar bonds continue to trade at deep distressed levels of 3-4 cents on the dollar.
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