Bondholder debt recast plan not viable, says Kaisa

Hong Kong

CHINESE property developer Kaisa Group said on Thursday a debt restructuring plan proposed last week by bondholders including Farallon Capital and BFAM Partners was "not commercially viable in the current environment".

The heavily indebted Shenzhen-based company said in a statement that the debt restructuring proposal it offered to offshore creditors in late December is in the best interest of the company and it is supported by the board and the market.