Latest news with #KaisaGroupHoldingsLtd
Yahoo
24-03-2025
- Business
- Yahoo
Kaisa Wins Hong Kong Court Approval for Offshore Debt Plan
(Bloomberg) -- Defaulted Chinese developer Kaisa Group Holdings Ltd. won a Hong Kong court's approval for its offshore restructuring, according to people familiar with the matter, clearing the way for it to proceed with its debt plan. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs New York Subway Ditches MetroCard After 32 Years for Tap-And-Go Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style 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. A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers Tesla's Gamble on MAGA Customers Won't Work One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream The Real Reason Trump Is Pushing 'Buy American' ©2025 Bloomberg L.P.
Bloomberg
24-03-2025
- Business
- Bloomberg
Kaisa Wins Hong Kong Court Approval for Offshore Debt Plan
Defaulted Chinese developer Kaisa Group Holdings Ltd. won a Hong Kong court's approval for its offshore restructuring, according to people familiar with the matter, clearing the way for it to proceed with its debt plan. 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.
