Fantasia Holdings (HKG:1777) said a court hearing had been set for January to seek approval for its new offshore debt restructuring agreement, according to a Hong Kong bourse filing Wednesday.

Shares of the property developer fell over 4% in midday trade Thursday.

The High Court of Hong Kong will convene on Jan. 16 for the hearing.

Fantasia unveiled the new agreement in August, after declaring its previous restructuring plan was unfeasible.

The deal covers $4.02 billion in senior bonds and up to $900 million in other instruments, offering creditors three options that include partial exchanges into short- or long-term notes with equity or mandatory convertible bonds, or a full debt-to-equity swap.

Previously, creditors holding 84% of the company's existing notes signed on to the new restructuring proposal.