Cayman Court directs convening of Scheme Creditors of Kaisa Group Holdings Ltd
12th February 2025
Pursuant to section 86 Companies Act (2023 Revision), on 15 January 2025, Kawaley J made an order, of the Grand Court of the Cayman Islands, directing a meeting of creditors of Kaisa Group Holdings Ltd (Kaisa) to be convened, and consequential directions in relation to that meeting. The scheme before the Court was one of four interdependent schemes (Schemes). The Objective of the Schemes was to effect a restructuring of the indebtedness of the Kaisa Group (Group).
Kaisa is an investment holding company. It served as the vehicle for financing the Group’s underlying businesses. Those businesses were linked to the property market in the PRC. Amongst other things, Kaisa is the issuer 16 series of publicly issued US Dollar denominated senior secured notes (Notes), the law of which Notes is New York law, with a present value of US$11.70 billion. The obligations under the Notes are guaranteed by, amongst others, Kaisa’s principal subsidiary, Rui Jing Investment Company Ltd (Rui Jing).
Michael Todd KC of Erskine Chambers appears together with Ben Hobden and Caitlin Murdock of Harney Westwood & Riegels for Kaisa, in relation to the Cayman Scheme, and for Rui Jing, in relation to the BVI Scheme.
Please click the link below to read the case summary written by Michael Todd KC and view the full Judgment below.
