© Reuters. FILE PHOTO: An image reveals the Kaisa Plaza of Kaisa Group Holdings Ltd on a hazy day in Beijing, China, November 5, 2021. REUTERS/Thomas Peter/File Picture
(Reuters) – Chinese language developer Kaisa Group mentioned on Thursday it’s providing bondholders an choice to trade their present bonds with new bonds having an prolonged maturity, in an try to enhance its monetary stability and proceed to remain afloat.
The embattled property developer is providing trade for no less than $380 million, or 95% of the excellent principal of present notes listed on the Singapore Change (OTC:), it mentioned in a press release.
“If the trade provide and consent solicitation aren’t efficiently consummated, we might not be capable of repay the present notes upon maturity on Dec. 7, and we might take into account various debt restructuring train,” Kaisa mentioned.
Kaisa has probably the most offshore debt of any Chinese language developer after China Evergrande Group, and has not paid coupons totaling over $59 million due on Nov. 11 and 12, with 30-day grace intervals for each.
Chinese language builders are going through an unprecedented liquidity squeeze as a result of regulatory curbs on borrowings, inflicting a string of offshore debt defaults, credit standing downgrades and sell-offs in some builders’ shares and bonds in latest months.
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