Kaisa Group granted U.S. recognition of Hong Kong proceedings

By Caroline Salls

Pittsburgh, June 3 – Kaisa Group Holdings Ltd. obtained U.S. recognition of the proceedings related to its Hong Kong scheme of arrangement, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Delaware.

Tam Lai Ling was recognized as the company’s foreign representative.

As previously reported, Kaisa said it is not currently seeking recognition of scheme sanction orders or of its Cayman Islands scheme proceedings.

The company’s Hong Kong and Cayman Islands schemes of arrangement were approved by the requisite majority of scheme creditors at meetings held May 20.

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. The Chapter 15 case number is 16-11303.

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