Kaisa Shareholders Approve $4.8 Bn Bond Issue in Restructuring Plan
Real Estate

Kaisa Shareholders Approve $4.8 Bn Bond Issue in Restructuring Plan

Chinese property developer Kaisa announced that its shareholders had approved the issuance of $4.8 billion worth of mandatory convertible bonds as part of its debt restructuring plan.

The shareholders also approved the issuance of a work fee share of approximately $26.9 million with Citicorp International, a bond trustee for an ad hoc group of bondholders, the company confirmed.

Kaisa, one of the many developers affected by China's property crisis, has been working on restructuring its debt since it defaulted on $12 billion in offshore bonds in late 2021.

The restructuring plan also includes other debts, such as loans and yuan-denominated asset-backed securities.

Kaisa, the second-largest offshore debt issuer among Chinese developers after China Evergrande Group, was the first to default on dollar bonds in 2015. The company is set for a Hong Kong court hearing on December 19, where it plans to seek permission to hold a creditors' vote on its debt overhaul plan.

Chinese property developer Kaisa announced that its shareholders had approved the issuance of $4.8 billion worth of mandatory convertible bonds as part of its debt restructuring plan. The shareholders also approved the issuance of a work fee share of approximately $26.9 million with Citicorp International, a bond trustee for an ad hoc group of bondholders, the company confirmed. Kaisa, one of the many developers affected by China's property crisis, has been working on restructuring its debt since it defaulted on $12 billion in offshore bonds in late 2021. The restructuring plan also includes other debts, such as loans and yuan-denominated asset-backed securities. Kaisa, the second-largest offshore debt issuer among Chinese developers after China Evergrande Group, was the first to default on dollar bonds in 2015. The company is set for a Hong Kong court hearing on December 19, where it plans to seek permission to hold a creditors' vote on its debt overhaul plan.

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?