2015-02-13

Kaisa Foreign Bondholders May Get A Haircut

Mingtiandi: KAISA CREDITORS WON’T BE FULLY PAID DEVELOPER WARNS
In its statement to the stock exchange, Kaisa – which has hired California-based investment banking firm Houlihan Lokey to advise on its debt restructuring – told investors not to expect full payment.

“Whether the Group meets upcoming payments under its existing debt obligations will be based on an assessment of the overall financial condition of the Group and lenders and bondholders should not expect payments of principal and interest according to existing terms.”
Offshore bond holders are last in line.

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