Kaisa Avoids Liquidation for Now But Restructuring Plan Needed

A Hong Kong court has given Chinese developer <-bsp-bb-link state="{"bbHref":"bbg://securities/1638%20HK%20Equity","_id":"00000190-488c-d497-a7fb-ec8d35e70000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Kaisa Group Holdings Ltd. seven more weeks to work on its debt restructuring plan in order to avoid being liquidated, but also warned this might be the company’s last chance.

The amount of debt being restructured amounts to nearly $13 billion, the home builder’s legal representative said at Monday’s hearing. While Kaisa and a key creditor group agreed on a four-week adjournment, Judge Peter Ng decided to give the cash-strapped developer more time, adjourning the winding-up case until Aug. 12.

“So you really have no excuse if there is no progress,” Ng ...