Kaisa (HKG:1638) obtained a Hong Kong court order for creditors to vote on a $13 billion offshore restructuring plan, Bloomberg News reported Thursday.
The defaulted property developer's proposal entails issuing new dollar notes and convertible bonds to restructure its debt and that of unit Rui Jing Investment, the report said.
The court approval will help Kaisa gain creditor approval for its plan. More than 75% of creditors have said they approve of the restructuring, Bloomberg said.
Kaisa did not immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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