Kaisa announces significant progress on finalizing restructuring forms

By Caroline Salls

Pittsburgh, Feb. 17 – Kaisa Group Holdings Ltd.’s restructuring support agreement was amended to extend the deadline for agreement on the final restructuring document forms to Feb. 16 from Feb. 14, but significant progress had been made on finalizing the restructuring documents, according to a Wednesday news release.

Kaisa said the company and the initial consenting creditors have agreed to the form of the restructuring documents, subject to clean-up amendments and the preparation of new security documents, legal opinions and/or other ancillary documents.

An agreement in principle on the restructuring documents was required to be reached by Feb. 17, the release said.

As of Feb. 16, holders of more than 58% of the total outstanding principal amount of Kaisa’s existing notes and existing offshore loans had supported the company’s scheme.

Kaisa Group is a Shenzhen, China-based property development company.

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