Kaisa applies to Cayman, Hong Kong courts to schedule scheme votes

By Caroline Salls

Pittsburgh, March 29 – Kaisa Group Holdings Ltd. applied to the Grand Court of the Cayman Islands and to the High Court of Hong Kong for permission to hold meetings of its offshore creditors for approval of its Hong Kong and Cayman Islands schemes of arrangement, according to a news release.

The company said the first hearing in the Cayman Islands is scheduled for April 7, postponed from April 4.

If the schemes are approved by the offshore creditors, Kaisa will ask the courts to sanction the schemes.

According to the release, roughly 90% of Kaisa’s onshore liabilities had been settled or resolved as of March 20. The company said the group is in negotiations with the creditors holding the other 10% of the onshore liabilities with the aim to have these liabilities restructured.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.