
China’s Kaisa Group Liquidation Hearing Adjourned by Hong Kong Court, According to Reuters
By Clare Jim and Xie Yu
HONG KONG – A Hong Kong court has postponed a hearing regarding a petition for the liquidation of Kaisa Group until September 9, allowing the troubled Chinese developer additional time to negotiate with certain bondholders over its debt restructuring plan.
The Shenzhen-based company has been attempting to restructure its $12 billion offshore debt for the past two years after defaulting in late 2021.
Kaisa’s senior adviser, LL Tam, stated outside the court that the company is in the process of finalizing documentation for a restructuring agreement with bondholders, aiming to reach a resolution in less than a month.
Citicorp International, representing a significant group of bondholders, has been acting as the petitioner since March, following the withdrawal of a previous petitioner. In Monday’s court session, the current petitioner did not oppose the request for adjournment.
The court proceedings revolve around the non-payment of 2023 notes, which have an outstanding principal of $750 million.