Chinese Builder Kaisa Reaches Deal With Creditors on Debt Plan

Kaisa Group Holdings Ltd. struck a restructuring deal with a key creditor group with plans for new bonds that may exceed $10 billion, a step that may help the Chinese developer defend itself against a liquidation petition.

Under the terms released Tuesday, Kaisa plans to issue new dollar notes — totaling $5 billion in five tranches and an unspecified amount in another — to partially pay back creditors. The Shenzhen-based company’s restructuring will also include new mandatory convertible bonds — with a total principal amount of $4.8 billion in seven tranches and an unspecified amount in another — that can ...