Kaisa Enters Restructuring Support Agreement With Creditor Group

(Bloomberg) — Kaisa Group Holdings Ltd. struck a restructuring support agreement with a key creditor group, a step that may help the Chinese developer defend itself against a liquidation petition.

Under the terms in the filing released Tuesday, Kaisa plans to issue new dollar notes in several tranches totaling more than $5 billion. The company also plans to compensate creditors with mandatory convertible bonds — with an aggregate principal amount exceeding $4.8 billion — that can be swapped for new shares.