Kaisa Group Holdings Ltd., which last year became the first Chinese real estate developer to default on dollar bonds, is seeking to use U.S. bankruptcy law to help its debt reorganization in a Hong Kong court, Bloomberg News reported yesterday. The Shenzhen, China-based company filed a chapter 15 petition in bankruptcy court yesterday to seek the U.S. recognition of its debt restructuring agreement with offshore creditors in March. The builder, which listed $14.9 billion in debt and $16.1 billion in assets, said that holders of 96 percent of its offshore obligations, which are from outside of China, support the restructuring agreement negotiated in the Hong Kong proceeding. That’s an increase from over 80 percent in March after the company sweetened its offer to creditors to top the required 75 percent majority consent. Read more.
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