by Amruth Sundarkumar | Dec 10, 2021 | China, Distressed / Defaulted Bonds
Fitch downgraded both Evergrande and Kaisa to RD from C following the developers’ missed coupon payments. It downgraded Evergrande’s subsidiaries Hengda and Tianji to RD too. Fitch notes that Evergrande’s downgrade reflected the non-payment of...
by Amruth Sundarkumar | Dec 9, 2021 | China, Distressed / Defaulted Bonds
A group of Kaisa’s bondholders as said to be close to signing NDAs in order to discuss potential financing deals for the troubled developer. The creditor group is being advised by Lazard and Bloomberg notes that an announcement can come as early as today,...
by Amruth Sundarkumar | Dec 7, 2021 | China, Distressed / Defaulted Bonds
Kaisa Group’s creditors sent the company a formal forbearance proposal as per sources to avoid a formal default on its $400mn 6.5% bonds due December 7, 2021. The news comes after Kaisa failed to win approval from its bondholders for a debt swap last week. State...
by Amruth Sundarkumar | Dec 3, 2021 | China, Distressed / Defaulted Bonds, High Yield Bonds
Kaisa Group in an exchange filing said it is exploring alternative solutions after bondholders rejected its debt swap to extend the maturity of its $400mn 6.5% bonds due December 7, 2021. For the debt swap to be accepted, Kaisa required a 95% approval rate. While it...
by Amruth Sundarkumar | Dec 2, 2021 | China, Distressed / Defaulted Bonds
Kaisa Group has agreed to meet its offshore bondholders and discuss ways to repay its debt. Kaisa will meet New Money Consortium, a group of its bondholders, after they rejected Kaisa’s maturity extension for it $400mn 6.5% bonds due next Tuesday (December 7)...
