By Clare Jim and Xie Yu
HONG KONG (Reuters) -A Hong Kong courtroom on Monday adjourned a listening to right into a petition searching for liquidation of Kaisa Group till Sept. 9, giving the embattled Chinese language developer extra time to succeed in settlement with some bondholders on its debt restructuring plan.
The Shenzhen-based developer has been working to restructure its $12 billion offshore debt for 2 years after defaulting in late 2021.
Kaisa senior adviser LL Tam mentioned outdoors the courtroom the corporate was finalising paperwork for a restructuring settlement with bondholders that it hoped can be settled in lower than a month.
Citicorp Worldwide, the trustee of a serious group of bondholders, has been performing as petitioner since March after a former petitioner withdrew. The petitioner didn’t object to the adjournment request within the Hong Kong courtroom on Monday.
The matter earlier than the courtroom considerations the non-payment of 2023 notes with an impressive principal of $750 million.
