Kaisa schemes of arrangement sanctioned by Cayman, Hong Kong courts

By Caroline Salls

Pittsburgh, June 13 – Kaisa Group Holdings Ltd.’s petitions seeking sanction of its Cayman Islands and Hong Kong schemes of arrangement were approved by the Grand Court of the Cayman Islands and the High Court of Hong Kong, according to a company news release.

The company said the court orders will be lodged with the companies registrars in the Cayman Islands and Hong Kong when sealed copies of those orders are available.

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 to gain U.S. court recognition of its Hong Kong scheme proceedings. The Chapter 15 case number is 16-11303.

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