1638.HK

Debt-ridden real estate developer Kaisa Group Holdings Co. Ltd. (1638.HK) announced it has entered into a support agreement with one of its overseas creditor groups that holds more than 34% of the company’s in-scope debt, as well as more than 36% of the total outstanding amount of its Rui Jing in-scope debt. The company urged other debt holders to join in supporting the restructuring agreement as soon as possible.

The restructuring agreement included the issuance of six tranches of U.S. dollar-denominated senior notes and eight tranches of U.S. dollar-denominated mandatory convertible bonds. To deleverage its balance sheet and enhance its liquidity, the company may also conduct a rights issue to raise funds.

By Lau Chi Hang

To subscribe to Bamboo Works free weekly newsletter, click here

Recent Articles

Illustration of Hong Kong as a ipo pipeline and crypto lab for China

Hong Kong: China’s IPO pipeline and crypto lab

Companies raised $13.6 billion through Hong Kong IPOs in the first half of the year, giving the city the global fundraising title for that period. What's behind the sudden boom? And a growing number of Chinese companies are experimenting with cryptocurrencies in Hong Kong, even as such currencies are banned on the Mainland. What's driving such different approaches on the Mainland and in Hong Kong?

BRIEF: Niu’s second-quarter sales rise 36.6%

Electric scooter manufacturer Niu Technologies  (NIU.US) announced last Friday that it sold 350,090 e-motorcycles, e-mopeds, kick-scooters and e-bikes in the second quarter, up 36.6% from 256,200 units in the same period…