Fantasia Holdings (HKG:1777) said a Cayman Islands court hearing is set for January 23 to approve its offshore debt restructuring, according to a Thursday Hong Kong bourse filing.

Shares of the property developer fell over 2% in late morning trade Friday.

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.