HONG KONG, Nov 30 (Reuters Breakingviews) - Some people thrive on defaults and restructurings, but they’re rarely company bosses. Kaisa (1638.HK) founder and chairman Kwok Ying-shing may be an exception. The Chinese developer, which put its creditors through the wringer six years ago, is asking holders of $400 million in bonds due to be repaid next month to effectively wait another 18 months to help it avoid another restructuring. But they are being offered little reward and will take added risk. It’s hard to see how this deal will avoid the rougher option. Kaisa in 2015 defaulted on $2.2 billion of bonds and it took 18 months to agree a restructuring. Shares in the company remained suspended for a further nine months through an accounting investigation that revealed hidden loans and unexplained cash movements, among other issues, by former staff. Now Kaisa is trying avoid a similar fate by offering to exchange $400 million of debt maturing in early December for new 18-month notes. It would give the company breathing space after its situation rapidly deteriorated: Three months ago it announced a higher dividend, and enjoyed bumper demand for a $300 million bond sale. Yet it’s not an attractive deal for bondholders: They would clip the same 6.5% coupon as they do now, but the developer could choose to pay that in additional bonds, not cash, albeit at 7.5%. In addition, pushing out repayment until mid-2023 would shunt those who signed up behind another $3.6 billion in offshore debt that comes due in the interim. That’s a tough sell as it is. But Kaisa also stipulates it will drop the offer if it isn’t supported by holders of 95% of the bonds. That’s extremely high. Earlier this month, fellow developer Yango (000671.SZ) swapped three bonds for a new 10-month note carrying a higher interest rate. It won the agreement of between 88% and 92% of holders. It’s not the only rescue plan. A group of offshore bondholders has presented Kaisa with several options for injecting some $2 billion in fresh funding to stave off trouble, Breakingviews has learned. These range from financing buyers of its assets to swapping into convertible or exchangeable bonds. Kaisa declined to comment. Kaisa’s 2015 default was considered a cautionary tale. It looks, though, like buyers of its $12 billion in offshore bonds didn’t listen very closely. Follow @JennHughes13 on Twitter CONTEXT NEWS - Troubled Chinese developer Kaisa Group on Nov. 24 offered an exchange to holders of $400 million of bonds due to mature on Dec. 7 that would effectively push back repayment by 18 months. - The company said it needed the funds and the time to stabilize its finances and to help it avoid a deeper debt restructuring. - The exchange does not offer investors more than their current 6.5% coupon and would also allow Kaisa to instead pay interest in kind – that is, additional bonds, rather than cash - at a 7.5% rate. It also requires an exceptionally high acceptance rate of 95% to go ahead. Earlier this month rival Yango successfully extended the life of three bonds via an exchange that received acceptances between 88% and 92%. That, though, involved a new bond maturing in less than a year and offered most holders a higher rate of interest.