Offshore Bondholders of Kaisa Group Seeked Advisers Help on Overdue Payments
Bondholders of indebted Kaisa Group in talk with advisers after payment fell overdue
Some offshore bondholders of embattled Chinese developer Kaisa Group (1638.HK) did not receive coupon payments this month have asked investment bank Moelis $Co. to advise them on the matter, according to sources of Reuters.
Kasia ranks second in the line with most offshore debt after embattled Evergrande Group.
Evergrande Group has not paid coupon totaling over $59 million due on November 11 and 12 with 30-day grace period.
Earlier on Tuesday Bloomberg reported that an offshore ad hoc group of bondholders are seeking advice from lawyers at Kirkland & Ellis, besides Moelis.
Kaisa has been struggling to raise fund and divested some of its assets including some land developments and stake in Hong Kong listed property management unit. Earlier last month Reuters reported the company was looking for buyers for two residential sites in Hong Kong.
