According to the U.S. Bankruptcy Court docket, Hong Kong, PRC-based Kaisa Group Holdings filed for Chapter 15 protection in Manhattan. The Company is also a debtor in foreign proceedings pending both in Hong Kong (under the Companies Ordinance pending before the High Court of the Hong Kong Special Administrative Region) and the Cayman Islands (Petition for Scheme of Arrangement with the Cayman Islands Grand Court).
The Company explains, “Absent recognition, Kaisa’s ability to administer its assets pursuant to an orderly arrangement may be materially compromised. Among other things, a denial of recognition may permit parties to disrupt the Restructuring….The Restructuring of Kaisa has been a lengthy, but collaborative, process….Kaisa is confident that the requisite majorities of Scheme Creditors will vote in favor of the Hong Kong Scheme and that the Hong Kong Court will find that the Hong Kong Scheme should be sanctioned.”
The Company, which is primarily engaged in largescale property development in the People’s Republic of China, is represented by Mark I. Bane of Ropes & Gray. Read more international bankruptcy news.