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Kaisa's slow talks on restructuring lead to uncertainty

03/30/2015 | 04:12am US/Eastern

[ET Net News Agency, 30 March 2015] Moody's Investors Service said that the uncertainty

regarding a timely completion of Sunac China Holdings Limited's (B1 stable)(01918)

acquisition of Kaisa Group Holdings Ltd (Ca, review for upgrade)(01638) has increased

following the rejection by offshore bondholders of the initial proposal on debt

restructuring and the prolonged state of negotiations between the bondholders and Kaisa.

"We would therefore consider revising the ratings outlook to negative or downgrading

Kaisa's ratings if the Sunac acquisition is unlikely to complete and the expected recovery

value for offshore bondholders is lower than expected," said Franco Leung, a Moody's Vice

President and Senior Analyst.

Kaisa had planned to reach a preliminary understanding with lenders and bondholders by

end-March 2015 and to complete the restructuring of its onshore and offshore debt by

end-April 2015, based on its announcement dated 11 February.

On 22 March, it announced that it had not yet reached an agreement with its offshore

bondholders on its restructuring proposal for outstanding offshore bonds, thereby missing

the initially proposed 20 March deadline.

Moody's current review for upgrade of Kaisa's ratings reflects Moody's expectation that

Sunac's acquisition, if completed, will significantly improve the repayment prospects for

Kaisa's creditors, including its offshore bondholders.

Moody's believes the company failed to make the coupon payments on 18 and 19 March for

its 12.875% senior notes due 2017 and 8.875% senior notes due 2018. (KL)

(c) 2015 ET Net Limited. All rights reserved. Provided by SyndiGate Media Inc. (, source Middle East & North African Newspapers

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