Kaisa Group gets creditor approval for debt restructuring

Kaisa Group Holdings (HKEX:1638) announced that its offshore debt restructuring schemes have been approved by significant majorities of creditors in Hong Kong, the Cayman Islands, and the British Virgin Islands. Scheme meetings held on February 28, 2025, saw over 97% of the value of voting claims cast in favor of each scheme. Specifically, the Kaisa Hong Kong Scheme was backed by creditors holding US$14.83 billion in claims, representing 97.14% of the total value. The Kaisa Cayman Scheme and Rui Jing Hong Kong Scheme saw similar levels of support. The company will now seek court approval and sanction for each scheme, with hearings scheduled in March and April 2025. Kaisa Group stated it will continue to update shareholders and investors on material developments related to the restructuring.