Kaisa Group Holdings Ltd. Chairman Kwok Ying Shing met with the company’s offshore bondholder steering committee in Hong Kong Tuesday, people familiar with the matter said.
The meeting was the first since Kaisa’s default in April, the people said, asking not to identified because they’re not authorized to speak publicly.
Kaisa, based in Shenzhen, is seeking to restructure $10.5 billion of debt amid a takeover that could be valued at as much as $1.2 billion by rival Sunac China Holdings Ltd. Kwok resigned on Dec. 31 citing health reasons and agreed to sell his family’s controlling stake to Sunac in January, only to return to the helm on April 13. Seven days later the company defaulted on two of its dollar bonds.
Frank Chan, an investor relations official at Kaisa, said today he wasn’t able to comment on any meeting.
There are nine money managers in Kaisa’s offshore bondholder committee, other people familiar with the matter said April 24. They are Ashmore Investment Management Pte, BFAM Partners Hong Kong Ltd., CQS (HK) Ltd., Citic Securities International Co., Claren Road Asset Management LLC, Harvest Global Investments Ltd., Highbridge Capital Management (HK) Ltd., Prudence Investment Management Ltd. and Value Partners Ltd.
Kaisa’s $800 million of 8.875 percent 2018 bonds, sold at par or 100 cents on the dollar in March 2013, rose 0.3 cents to 58.376 cents as of 6:08 p.m. in Hong Kong, prices compiled by Bloomberg show. Its $250 million of 12.875 percent 2017 notes were little changed at 58.451 cents.