China's Kaisa Group liquidation hearing adjourned by Hong Kong court
Adds details in paragraphs 2-5
By Clare Jim and Xie Yu
HONG KONG, Aug 12 (Reuters) -A Hong Kong court on Monday adjourned a hearing into a petition seeking liquidation of Kaisa Group 1638.HK until Sept. 9, giving the embattled Chinese developer more time to reach agreement with some bondholders on its debt restructuring plan.
The Shenzhen-based developer has been working to restructure its $12 billion offshore debt for two years after defaulting in late 2021.
Kaisa senior adviserLL Tam said outside the court the company was finalising documents for a restructuring agreement with bondholders that it hoped would be settled in less than a month.
Citicorp International, the trustee of a major group of bondholders, has been acting as petitioner since March after a former petitioner withdrew. The petitioner did not object to the adjournment request in the Hong Kong court on Monday.
The matter before the court concerns the non-payment of 2023 notes with an outstanding principal of $750 million.
Reporting by Clare Jim and Xie Yu in Hong Kong; Writing by Scott Murdoch; Editing by Christian Schmollinger and Jacqueline Wong
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