Restructuring

Expertise

Restructuring hero

Restructuring:

  • Debt and equity rescheduling and refinancing
  • Distressed mergers and acquisitions
  • Distressed funds advice
  • Office holders’ conduct, powers and regulation
  • Out-of-court restructurings and refinancings
  • Contingency planning and implementation
  • Schemes of arrangement
  • Security enhancement and prioritisation
  • Debt for equity swaps
  • Recognition and joint protocol proceedings
  • Workouts and enforcement of security
  • Liquidations
  • Takeovers

Our dedicated Global Restructuring group is the first amongst offshore law firms to offer specialist expertise required to navigate the complexities which can arise for a distressed company in a cross-border environment. Led by a team of ranked partners, the group works closely with our formidable Transactional, Litigation, Funds, Trusts, Tax and Regulatory teams, providing clients with a seamless service and bespoke legal advice that is tailored to their individual needs. Clients choose us because our structure and dedicated personnel drives efficiencies into the restructuring process, allowing us to offer a cost-effective service. 

We have acted on some of the largest and most complex cross-border restructurings over the past decade. Consequently, whether the nature of the restructuring is confined to a debt compromise or a redomiciliation or extends to capital reductions or reorganisations, our team leaders will have seen it before. The list of cases in which we have acted have led to published decisions, helping to redefine offshore jurisprudence in this area.

Our Global Restructuring group is led by Peter Ferrer and Andrew Thorp (BVI and South America), Chai Ridgers (EMEA and Asia Pacific), and Jayson Wood (Cayman Islands and North America).

Notable deals:

  • China Singyes - advising China Singyes Solar Technologies Holdings Limited on the successful restructuring of over US$552 million outstanding bonds and convertible notes through inter-conditional parallel schemes of arrangement in Bermuda and in Hong Kong.
  • Kaisa Group Holdings Limited - acting as BVI and Cayman counsel to the Hong Kong-listed PRC property development firm in its US$2.77 billion debt restructuring via a scheme of arrangement. The restructuring involved schemes of arrangement in the Cayman Islands and Hong Kong, and recognition under Chapter 15 of the US Bankruptcy Code
  • China Agrotech Holdings Limited - acting for the company in its HK$1.68 billion debt restructuring which included a number of novel shareholder issues and resulted in a successful reverse takeover and relisting on the Hong Kong Stock Exchange. This restructuring led to two leading published decisions of the Grand Court of the Cayman Islands and was the first reported conditional scheme of arrangement.
  • Noble Group - acting for the largest creditor group in the company’s US$3.5 billion debt restructuring in Bermuda in conjunction with a parallel scheme in England and recognition under Chapter 15 of the US Bankruptcy code. The restructuring was described by the English court as being “of the utmost complexity”.
  • GATE- advising Global A&T Electronics Ltd (GATE) (owned by Affinity Equity Partners and TPG Capital) on the restructuring of US$1.12billion senior secured notes issued by GATE.
  • Pacific Andes Group - acting for certain lenders and subsequently the liquidators of a number of Pacific Andes entities connected with the high-profile US$2.8 billion debt restructuring which involved multiple proceedings in the US, Hong Kong, Cayman Islands, and Bermuda.
  • Mongolian Mining - advising certain Lenders in relation to the restructuring of US$750 million debts and liabilities of Mongolian Mining Corporation, an entity incorporated in Cayman and listed on the HKSE, and its subsidiaries.
  • L’Oréal S.A. - advising on its acquisition by way of a scheme of arrangement of the Hong Kong-listed Chinese skincare product producer, Magic Holdings International Limited, for US$843 million. The scheme was implemented by way of a cancellation scheme in the Cayman Islands.
  • LDK Solar Co. Ltd - advising the ad hoc bondholder group in the US$2.78 billion debt restructuring of the company which necessitated parallel schemes of arrangement in Hong Kong and the Cayman Islands and subsequent recognition under Chapter 15 of the US Bankruptcy Code.
  • Aluminium Corporation of China - advising Aluminium Corporation of China on its proposed privatisation of Chinalco Mining Corporation International, a Cayman Islands incorporated and HKSE-listed company, by way of a scheme of arrangement.
  • Z-Obee - advising Z-Obee Holdings and its Hong Kong-appointed Joint Provisional Liquidators, on their continued efforts to restructure Hong Kong-based electronics manufacturer Max Sunny and Bermudian parent Z-Obee Holdings in relation to the non-payment of US$78 million in outstanding facilities.
  • China Lumena New Materials Corp - advising the provisional liquidators in the restructuring of over US$1 billion in debts and liabilities of the company through schemes of arrangement in Hong Kong and the Cayman Islands.

 


Bermuda law advice is provided through Zuill & Co., an independent Bermudian law firm in exclusive association with Harneys.

Restructuring

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Restructuring