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Some Kaisa bondholders reportedly turned to an advisor to help them collect their payments

Reuters reports

Some Kaisa offshore bondholders who have not received coupons this month are said to have turned to investment bank Moelis & Company for advice on how to handle the situation, citing a source. having direct knowledge of the subject.

In some context, Kaisa failed to pay coupons totaling over $ 59 million that were due on November 11 and 12 (both have a 30-day grace period) and faces another dollar bond maturity. valued at $ 400 million due Dec. 7.

There was also a report from Bloomberg earlier suggesting that an ad hoc group of offshore bondholders had also sought advice from lawyers at Kirkland & Ellis.

As much as Evergrande is the big name, let’s not forget that other Chinese real estate developers face similar uncertainties as well and Kaisa is the next big name on this list as the company has the most offshore debt after Evergrande.

The fact that third parties are called in to attempt to remedy the funds speaks volumes about the confidence and likelihood that Kaisa will be able to meet those obligations.

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