Property developer Kaisa Group files for Ch-15 restructuring

Kaisa Group Holdings Ltd., a Shenzhen, China-based property developer filed a Chapter 15 petition (Case: 16-11303) in the Manhattan court on 5 May 2016. The company used this provision of U.S. bankruptcy law to deal with U.S. creditors or lawsuits when reorganizing in a Hong Kong court.

Kasia had $14.9bn in debt, backed by $16.1bn of assets.

Kaisa stated that holders of 96% of its offshore debt, supported the company’s restructuring agreement negotiated in the Hong Kong.

The company anticipates that the Hong Kong court will approve its restructuring plan.

Further, the company plans to meet with creditors on 20 May 2016.

Source: Bloomberg