Close Menu
Fund Focus News
    Facebook X (Twitter) Instagram
    Trending
    • SEBI’s new mutual fund fee proposal: What it means for investors
    • SEBI Plans To Simplify Mutual Fund Charges: Clear TER, Performance-Based Fee Among 5 Proposals | Savings and Investments News
    • The 10 top-performing ETFs on SGX in Q3; China funds dominate
    • SEBI proposes overhaul of mutual fund regulations to simplify rules and cut investor costs
    • Hedge funds invoke antitrust laws in new frontier of distressed debt wars
    • SEBI proposes cuts to mutual fund expense ratios to boost transparency
    • Hong Kong property losses hit PE funds after US$17bil rush
    • Government Shutdown Puts Millions At Risk of Not Being Able to Heat Their Homes
    Facebook X (Twitter) Instagram
    Fund Focus News
    • Home
    • Bonds
    • ETFs
    • Funds
    • Investments
    • Mutual Funds
    • Property Investments
    • SIP
    Fund Focus News
    Home»Bonds»Kaisa says it has creditors’ support as it unveils debt workout plan to avoid liquidation
    Bonds

    Kaisa says it has creditors’ support as it unveils debt workout plan to avoid liquidation

    August 20, 2024


    Kaisa Group has unveiled its long-awaited debt workout plan to avoid a showdown during next month’s liquidation court hearing in Hong Kong, the first time the Shenzhen-based developer is restructuring its finances since defaulting on US$12 billion of offshore bonds in 2021.

    The developer offered its creditors several payment options, including new notes denominated in US dollars, and mandatory convertible bonds (MCB) that can be exchanged into new Kaisa shares, according to a filing to the Hong Kong stock exchange on Tuesday.

    Six tranches of senior notes totalling more than US$5 billion and eight tranches of MCBs with an aggregate principal amount of US$4.8 billion will be allocated to creditors, based on their respective ratios in the workout scheme, according to the plan.

    In addition, the developer may issue new shares one or more times to existing shareholders, to which its founder Kwok Ying-shing and his brother Kwok Ying-chi will contribute 115 million yuan (US$16.1 million) in the form of a shareholder loan, Kaisa said.

    The restructuring plan had been agreed by a group of bond holders with more than 34 per cent of Kaisa’s debt and over 36 per cent of the debt in Kaisa’s Rui Jing unit, the company said.

    “The contemplated restructuring is intended to provide the company with a long-term runway to stabilise the business, and allow adequate financial flexibility to achieve a sustainable capital structure and enhance its net asset value, and protect the rights and interests, and maximise value, for all stakeholders,” Kaisa said.

    The workout has been long overdue for Kaisa, which has 226.4 billion yuan in total liabilities. The company has spent more than two years on its restructuring plan since missing its payments in late 2021.

    Frustrated creditors and bond holders had taken to Hong Kong’s law courts to recover their investments. Citicorp International, the trustee of a group of bond holders, joined the queue of petitioners against Kaisa in March after a previous claimant withdrew.

    The Hong Kong High Court is scheduled for a hearing on September 8 on Kaisa’s fate. Its proposal rekindled hopes that the developer would be able to reach a debt restructuring and avoid a potential liquidation.

    Separately on Tuesday, Guangzhou-based R&F Properties announced it has received two separate wind-up petitions against its unit Trillion Glory and R&F Properties (HK). The wind-up hearing against Trillion Glory was scheduled to be heard at Hong Kong’s High Court on September 25 while the hearing against R&F Properties (HK) was set on October 30.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

    Related Posts

    Barry Bonds’ intentional walks record is remembered after Shohei Ohtani’s World Series history

    October 28, 2025

    Trump bonds with Japan’s new prime minister and says her nation is delivering on U.S. investments

    October 28, 2025

    Ardagh seen torching riskiest bonds through courts as consent route fails – The Irish Times

    October 28, 2025
    Leave A Reply Cancel Reply

    Top Posts

    The Shifting Landscape of Art Investment and the Rise of Accessibility: The London Art Exchange

    September 11, 2023

    Charlie Cobham: The Art Broker Extraordinaire Maximizing Returns for High Net Worth Clients

    February 12, 2024

    The Unyielding Resilience of the Art Market: A Historical and Contemporary Perspective

    November 19, 2023

    The 10 top-performing ETFs on SGX in Q3; China funds dominate

    October 28, 2025
    Don't Miss
    Mutual Funds

    SEBI’s new mutual fund fee proposal: What it means for investors

    October 29, 2025

    SEBI has proposed major changes to the expense ratios charged by mutual funds — a…

    SEBI Plans To Simplify Mutual Fund Charges: Clear TER, Performance-Based Fee Among 5 Proposals | Savings and Investments News

    October 29, 2025

    The 10 top-performing ETFs on SGX in Q3; China funds dominate

    October 28, 2025

    SEBI proposes overhaul of mutual fund regulations to simplify rules and cut investor costs

    October 28, 2025
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    EDITOR'S PICK

    SUNSET SIPS & BITES WITH LIVE MUSIC AT GOLD COAST OCT. 7

    October 14, 2024

    Vietnam Enterprise Investments Limited annonce la nomination d’Edphawin (Eddy) Jetjirawat en tant qu’administrateur indépendant non exécutif, à compter du 1er mars 2025 -Le 24 février 2025 à 08:00

    February 23, 2025

    Asia Hedge Funds Ride High on Chinese Market Wave, Outstrip Global Peers

    October 21, 2024
    Our Picks

    SEBI’s new mutual fund fee proposal: What it means for investors

    October 29, 2025

    SEBI Plans To Simplify Mutual Fund Charges: Clear TER, Performance-Based Fee Among 5 Proposals | Savings and Investments News

    October 29, 2025

    The 10 top-performing ETFs on SGX in Q3; China funds dominate

    October 28, 2025
    Most Popular

    🔥Juve target Chukwuemeka, Inter raise funds, Elmas bid in play 🤑

    August 20, 2025

    💵 Libra responds after Flamengo takes legal action and ‘freezes’ funds

    September 26, 2025

    ₹10,000 monthly SIP in this mutual fund has grown to ₹1.52 crore in 22 years

    September 17, 2025
    © 2025 Fund Focus News
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.