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Kaisa files Chapter 15 petition in US court for debt restructuring

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Kaisa files Chapter 15 petition in US court for debt restructuring

fileda Chapter 15 petition in the U.S. Bankruptcy Court, Southern District of NewYork to deal with offshore creditors in the country.

TheChinese company plans to use the petition and the U.S. bankruptcy law as a wayto support its proposed debt restructuring in Hong Kong, the news outlet said.Kaisa expects a Hong Kong court to approve the proposal.

Itgained the support of offshore creditors after "substantive negotiations"with their representatives, as previously reported.

Thecompany has scheduled a meeting with creditors on May 20, Bloomberg reported.