Chinese real estate development company Kaisa Group, which is suffering from credit instability, has begun talks with some foreign creditors about an extension of $ 400 million in bonds, which will mature next week. Two people familiar with the situation revealed.
The company’s stock plummeted on the 3rd after announcing that it had not obtained the consent of 95% of creditors needed to extend its maturity on December 7.
Creditors’ financial advisors sent a letter to Kaisa Group this week suggesting that they continue negotiations and provide time to avoid defaults.
He also proposed lending a new $ 2 billion, but hasn’t made much progress so far.
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