HONG KONG (Reuters) — A Hong Kong court on Monday adjourned a hearing into a petition seeking liquidation of Kaisa Group until Sept. 9, giving the embattled Chinese developer more time to reach agreement with some bondholders on its debt restructuring plan.
The Shenzhen-based developer has been working to restructure its $12 billion offshore debt for two years after defaulting in late 2021.
Kaisa senior adviser LL Tam said outside the court the company was finalizing documents for a restructuring agreement with bondholders that it hoped would be settled in less than a month.
Citicorp International, the trustee of a major group of bondholders, has been acting as petitioner since March after a former petitioner withdrew. The petitioner did not object to the adjournment request in the Hong Kong court on Monday.
The matter before the court concerns the non-payment of 2023 notes with an outstanding principal of $750 million.