China’s Kaisa Group liquidation hearing adjourned by Hong Kong court

HONG KONG: A Hong Kong court on Monday (Aug 12) adjourned a hearing into a petition seeking liquidation of Kaisa Group until Sep 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 US$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 US$750 million.