The Chinese real estate developer says it has failed to obtain the necessary approval from its bondholders to extend the life of a $ 400 million offshore bond due next week.
The troubled company announced last week an offer to convert its December 7th offshore bonds for new bonds due June 6th 2023 at the same rate, if at least 95 percent of the holders agree. As Kaisa announces, the exchange offer cannot be continued because the minimum acceptance threshold has not been reached and will therefore automatically expire.
More: Next Chinese real estate developer stumbles – Fed warns of domino effect
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