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Kaisa clarifies Chapter 15 petition filing in US bankruptcy court

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Kaisa clarifies Chapter 15 petition filing in US bankruptcy court

clarifieda recent report about its filingof a Chapter 15 petition in a U.S. bankruptcy court related to its proposed offshoredebt restructuring.

The company'sfiling seeks the court's acknowledgment of Kaisa's negotiations with creditors underthe Hong Kong and Cayman Islands schemes, according to a release. The schemes serveas the basis for implementing the company's proposed offshore debt restructuringplan.

Kaisaissued the clarification as media reports surfaced concerning the filing of thepetition. The U.S. court's "grant of the recognition order" is essentialfor the debt restructuring, as it serves as one condition to the schemes, accordingto the company.