UPDATE 1-China's Kaisa to hold shareholder meeting in December to discuss restructuring

Reuters11-29

(Recasts with EGM schedule, adds details and background throughout)

Nov 29 (Reuters) - China-based property developer Kaisa

said on Friday it would hold an extraordinary general meeting of its shareholders on Dec. 18 to seek various approvals in relation to its $12.27 billion debt restructuring agreement.

The developer has been working to restructure its debt since defaulting on $12 billion in offshore bonds in late 2021.

At the meeting, Kaisa would discuss with its creditors matters relating to its offering worth $5 billion of U.S. dollar-denominated senior notes and $4.8 billion worth of mandatory convertible bonds.

It would also go over the work fee share issue with Citicorp International, a bond trustee of an ad hoc group of bondholders $(AHG)$. The work fee share issue is around $26.9 million.

Kaisa is due for a Hong Kong court hearing on Dec. 19, where it will seek permission to hold a creditors' vote on its debt overhaul plan.

Kaisa is the second-largest offshore debt issuer among Chinese developers after China Evergrande Group . It became the first among its peers to default on dollar bonds in 2015.

Many Chinese property developers have defaulted since the sector slipped into a debt crisis in mid-2021, and only a handful of companies have completed their offshore debt restructuring.

(Reporting by Roshan Thomas in Bengaluru; Editing by Shinjini Ganguli)

((Roshan.Thomas@thomsonreuters.com;))

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Many Chinese property developers have defaulted since the sector slipped into a debt crisis in mid-2021, and only a handful of companies have completed their offshore debt restructuring. 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