Dec 18 (Reuters) - Chinese property developer Kaisa 1638.HK said on Wednesday shareholders have approved the issue of $4.8 billion worth of mandatory convertible bonds under its debt restructuring plan.
They have also approved the work fee share issue of around $26.9 million with Citicorp International, a bond trustee of an ad hoc group of bondholders, the company said.
Kaisa, which was among the several developers hit by a property crisis in China, has been working to restructure its debt since defaulting on $12 billion in offshore bonds in late 2021.
The restructuring plan covers other debts, including loans and yuan-denominated asset-backed securities.
Kaisa, the second-largest offshore debt issuer among Chinese developers after China Evergrande Group 3333.HK, became the first among its peers to default on dollar bonds in 2015.
The company is due for a Hong Kong court hearing on Dec. 19, where it would seek permission to hold creditors' vote on its debt overhaul plan.
(Reporting by John Biju in Bengaluru; Editing by Shilpi Majumdar)
((John.Biju@thomsonreuters.com))
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