Kaisa bondholders seek advice as Moody's forecasts losses
Outlook for offshore bond investors expected to be grim as onshore creditors have significant call on assets
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KAISA Group Holdings' bondholders are seeking restructuring and legal advice after a missed coupon payment pushed the Chinese developer closer to a default. Moody's Investors Service has predicted "substantial losses".
Moelis & Co is in talks with several of the Kaisa noteholders, Bert Grisel, a Hong Kong-based managing director at the investment bank, said in an e-mail on Wednesday. Law firm Kirkland & Ellis LLP is representing holders of its convertible debentures, according to people familiar with the matter. Kaisa has hired Sidley Austin LLP to advise on its debt restructuring efforts, other people said.
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