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China's Kaisa bondholders still open to better restructuring offer -sources
May 15, 2015 / 10:53 AM / 2 years ago

China's Kaisa bondholders still open to better restructuring offer -sources

HONG KONG, May 15 (Reuters) - A debt restructuring plan at Chinese developer Kaisa Group Ltd is being sweetened to offer investors better terms but most of the committee that is negotiating with the borrower is still undecided, two sources close to the deal said on Friday.

The troubled borrower is attempting a debt restructuring deal with bondholders that is critical to a proposed takeover by rival developer Sunac China Holdings Ltd, which has set a July 31 deadline for the deal.

There is no specific price mentioned, but the terms of the new proposal from Sunac, which are not public, imply a price range of 73-74 cents on the dollar compared with the earlier 60 cents, said the sources, who declined to be identified as they were not authorised to speak to the media.

Reporting by Umesh Desai; Editing by Anne Marie Roantree

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