A Hong Kong court on Monday adjourned a hearing on a petition seeking the liquidation of Kaisa Group until June 24, giving the embattled Chinese developer some respite as it works on its debt restructuring plan, reports Reuters. The Shenzhen-based developer has been working to restructure its offshore debt for two years after defaulting on $12 billion in offshore debt in late 2021.
The matter before the court concerns the non-payment of 2023 notes with an outstanding principal of $750 million. Citicorp International, the trustee of a major group of bondholders, has been acting as petitioner since March after a former petitioner withdrew.
The reason for the adjournment was not disclosed. A spokesperson for Kaisa said they were discussing specific terms of the restructuring plan with the bondholder group.