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The development comes after Hong Kong High Court Judge Linda Chan reserved a decision on the restructuring on Friday, saying that she needed to check on some matters, without elaborating. Companies often receive approval for such plans as the hearings wrap up.
On Friday Chan had asked the company about a work fee to be paid to an ad-hoc group of creditors. The company had earlier reduced the fee to 1%.
The High Court didn't reply to a request for comment.
Once a symbol of the boom years in China's credit markets, Kaisa was sued in 2023 by creditors to liquidate after a 2021 bond default. With more than $12 billion of offshore borrowings subject to restructuring, Kaisa carries one of the largest debt loads in the industry.
Even if a company gets court approval, it still faces challenges. A number of builders that also passed this stage in their restructurings are heading back to square one, after fresh liquidity problems amid a prolonged property crisis made it harder for them to honor their promises.
Kaisa will still face a winding-up hearing on March 31.
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