Keegan Matheson on Blue Jays, Baseball Memories, and More | SaltWire #writer #torontobluejays #mlbHONG KONG -A Hong Kong court on Monday adjourned a hearing on a petition seeking the liquidation of Kaisa Group until June 24, giving the embattled Chinese developer some respite as it works on its debt restructuring plan.The Shenzhen-based developer has been working on an offshore debt restructuring for two years after defaulting on $12 billion in offshore debt in late 2021.
The matter before the court concerns the non-payment of 2023 notes with an outstanding principal of $750 million and Citicorp International, the trustee of a major group of bondholders, has been acting as petitioner since March after a former petitioner withdrew. The reason for the adjournment was not disclosed. A spokesperson for Kaisa said they were discussing specific terms of the restructuring plan with the bondholder group.
Kaisa is China's second-largest issuer of offshore debt among property developers after China Evergrande Group and was the first Chinese property developer to default on its dollar bonds in 2015. China Evergrande was ordered to liquidate by a Hong Kong court earlier this year and a growing list of companies in the sector, including Country Garden, are fighting against liquidation petitions filed by creditors.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home.
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