Kaisa Group Hong Kong and Cayman Islands schemes OK’d by creditors

By Caroline Salls

Pittsburgh, May 23 – Kaisa Group Holdings Ltd.’s Hong Kong and Cayman Islands schemes of arrangement were approved by the requisite majority of scheme creditors at meetings held Friday, according to a news release.

The company said it will submit the results of the scheme meetings to the Grand Court of the Cayman Islands and the High Court of Hong Kong to apply for the sanctioning of the schemes.

Kaisa Group, a Shenzhen, China-based property development company, filed bankruptcy on May 5 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 15 case number is 16-11303.

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