Kaisa Group Holdings Ltd. pressed ahead with a plan to restructure its offshore bonds by offering incentives to creditors almost two months after rejecting a rival proposal from a U.S. hedge fund.
The developer will pay bondholders and lenders a consent fee equivalent to 1 percent of holdings if they support the plan by Jan. 24, according to a filing to the Hong Kong stock exchange dated Sunday. The incentive drops to 0.5 percent for signup between Jan. 25 and Feb. 7. The agreement will deter creditors from selling their holdings and prevent them taking enforcement actions as co-founder and Chairman Kwok Ying Shing seeks to convert $2.45 billion of Kaisas local and foreign-currency bonds into new dollar-denominated debt.
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