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.
US-based E&P company Goodrich Petroleum Corp. reached an agreement with lenders based on a prepackaged plan to file for Chapter 11 bankruptcy protection by 15 April 2016..
The prepackaged plan, which aimed to secure support from all lenders prior to filing for Chapter 11 bankruptcy, fell short of desired participation levels. As on 31 March 2016, the company received support from its unsecured lenders totaling 61% of the 95% needed to implement its debt-for-equity exchange offer.
The new plan of re-organization aims to give its second-lien lenders an equity stake in the re-organized company through its ongoing debt-for-equity exchange offer. The company has extended its offer to 8 April 2016.
Separately, Goodrich announced earlier in March 2016, that it would delay the filing of its annual report for 2015 citing a material loss that auditors had detected which would affect the company’s ability to operate as a going concern.