Kaisa Group to Complete Offshore Debt Workout as Bonds Rebound
- Builder to issue $3 billion new bonds to repay creditors
- Debt plan approved by U.S. court ends China default saga
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Kaisa Group Holdings Ltd. is seeking to complete the restructuring of its offshore debt as soon as this month after winning U.S. court approval to enforce a plan with creditors.
The Shenzhen-based developer, which last year became the first Chinese builder to default on dollar bonds, intends to issue $3.03 billion worth of notes on July 21 in exchange for its debt and loans, according to a filing to the Hong Kong stock exchange on Friday. It also expects to pay consent fees to creditors before Aug. 1 for supporting the debt plan in March.