Kaisa sets clock ticking on creditors

摘要

Troubled Chinese developer kaisa group holdings is pressuring offshore bondholders to approve a restructuring proposal by the end of March before its white knight investor confirms a rescue package. Kaisa has unveiled a restructuring proposal for its US$2.5bn of offshore bonds that includes deep cuts to its interest rates and a five-year extension, but promises full principal repayment. However, it faces a tough task to convince holders of three-quarters of the bonds to approve the measures by the deadline it has set for the restructuring to proceed.