EGRNF - China property develop Kaisa Group fails to make dollar bond payments - WSJ

In the wake of a widespread China-based real estate crisis that was first ignited by China Evergrande's (OTCPK:EGRNF) (OTCPK:EGRNY) liquidity crunch, property developer Kaisa Group Holdings (OTCPK:KKPFF) fails to make some dollar bond payments, and is talking to creditors about a restructuring plan, the Wall Street Journal reports. Kaisa (OTCPK:KKPFF) has $11.8B of dollar bonds outstanding, compared with $20B for Evergrande. Kaisa did not pay the principal and interest on a $400M 6.5% note that matured on Dec. 7, and missed more than $105M in overdue interest payments on three other bonds, the company told the WSJ. Additionally, the company is in talks with creditors who proposed ~$2B in financing to Kaisa (OTCPK:KKPFF) with options including equity rights, convertible bonds and bridge loans, a person familiar with the matter told the WSJ. Meanwhile, Hong Kong-listed shares of Kaisa drop 14% on Monday. Previously, (Dec. 17) China Evergrande's offshore financing arm gets downgraded

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China property develop Kaisa Group fails to make dollar bond payments - WSJ