HONG KONG, March 13 Fri Mar 13, 2015 12:32pm EDT
HONG KONG, March 13 (Reuters) - Property developer Kaisa Group, which is trying to restructure 48 billion yuan ($7.6 billion) of debt in China, said it aimed to resolve civil court cases with creditors through "amicable negotiation".
The company is mired in crisis after the local government in its home base of Shenzhen blocked sales at some of its projects last year.
In a stock exchange notice on Friday, Kaisa said creditors had made 64 applications to civil courts to preserve the company's assets. Of those, the courts had made 25 rulings, involving onshore loans totalling 13.8 billion yuan, it said.
The notice did not give details about the rulings, but the company said it had appointed lawyers to advise it on the court decisions in order to protect its interests.
"It is the intention of the group to resolve these civil rulings with the creditors ... through amicable negotiation," it added.
A separate restructuring proposal put forward by the company, for foreign debt, is being discussed by bondholders.
If a deal is not reached, Kaisa risks becoming the first Chinese property company to default on offshore debt.
Failure to secure an agreement as planned by the end of March could also scupper its main lifeline - a proposed takeover by rival developer Sunac China Holdings Ltd, which has set a July 31 deadline.
For details of stock exchange filing click (Reporting by Umesh Desai; Editing by Pravin Char)
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