Mar
20
Kaisa Wins Over 80% of Creditors After Sweetening Debt Plan
By-
Support for restructuring plan up from over 58% last month
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Developer’s 2018 dollar bonds jump most since January
Kaisa Group Holdings Ltd., which last year became the first Chinese developer to default on dollar bonds, took a step closer to restructuring its offshore debt by sweetening its offer following talks with creditors.
The builder said in an exchange filing late Thursday that investors owning more than 80 percent of offshore claims, which total about the equivalent of $2.6 billion, agreed to support its restructuring plan following “substantive negotiations” with a group of creditors led by Farallon Capital Management LLC and BFAM Partners. Support has risen from the more than 58 percent it had on Feb. 17, according to Kaisa, which is based in the southern city of Shenzhen…
Kaisa Wins Over 80% of Creditors After Sweetening Debt Plan
