March 20, 2015 / 7:16 AM / 5 years ago

Kaisa bondholders reject China property developer's debt recast plan

HONG KONG, March 20 (Reuters) - A group of bondholders at troubled Chinese property developer Kaisa Group has rejected a restructuring proposal set out by the company this month, the group’s lawyer said on Friday.

Kaisa’s plan for $2.5 billion of its offshore and convertible debt proposes that the maturity on six sets of bonds due each year through 2020 be extended by five years and that coupons be slashed.

Neil McDonald, a partner at law firm Kirkland & Ellis, which is representing Kaisa offshore bondholders, said the investors had refused to sign the support agreement.

The company seeks the support of the holders of these notes and convertible bonds. Kaisa had said it was looking to strike a deal with creditors by March 20.

Reporting by Umesh Desai; Editing by Clarence Fernandez

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