Kaisa Group has unveiled its long-awaited debt workout plan to avoid a showdown during next month’s liquidation court hearing in Hong Kong, the first time the Shenzhen-based developer is restructuring its finances since defaulting on US$12 billion of offshore bonds in 2021.
The developer offered its creditors several payment options, including new notes denominated in US dollars, and mandatory convertible bonds (MCB) that can be exchanged into new Kaisa shares, according to a filing to the Hong Kong stock exchange on Tuesday.
Six tranches of senior notes totalling more than US$5 billion and eight tranches of MCBs with an aggregate principal amount of US$4.8 billion will be allocated to creditors, based on their respective ratios in the…
