Asia Financial Restructuring & Special Situations

Our lawyers act on behalf of investors of new debt and equity investments around Asia, including secured and unsecured credit facilities, straight and convertible bonds and other debt instruments. Our financing experience includes a wide range of alternative financing solutions, including in relation to pre-initial public offering (IPO) investments and offshore financing structures for the People’s Republic of China (PRC) and other jurisdictions.

Our financial restructuring and special situations practice also works closely with our dispute resolution practice, based in Hong Kong, to provide comprehensive solutions to address downside investment risks, preemptive strategies for promoting proper performance of contracts, contentious insolvency issues and cross-border enforcement strategies. This includes significant experience pursuing multijurisdictional asset recovery proceedings for clients covering situations involving key jurisdictions in Asia, including Mainland China, where we have deployed creative approaches and coordinated local litigation in a strategic and practical way to realize assets.

Representative Matters

• China Singyes Solar Technologies Holdings: Counsel to an ad hoc committee of noteholders of $420 million restructuring of China Singyes Solar Technologies Holdings, a provider of renewable energy solutions. Insolvency and Restructuring Deal of the Year (Asia Legal Awards).
• CW Group Holdings: Counsel to CW Group Holdings (in provisional liquidation), an HKSE-listed, Singapore-headquartered group with entities in provisional liquidation, in the Cayman Islands and Hong Kong and §211B moratorium proceedings in Singapore.
• ED&F Man Treasury Management: Counsel to the holders of various private placement notes on the refinancing of more than $1.5 billion in debt, which included the grant of new security instruments in various jurisdictions, including Korea, Japan and Vietnam.
• Hyflux: Counsel to a committee of holders of S$265 million medium term notes issued by Hyflux, an SGX-listed Singaporean company with more than S$2 billion debt subject to §211B moratorium proceedings in Singapore.
• Noble Group: Counsel to an ad hoc committee of unsecured creditors on the $3.5-billion financial restructuring of Noble Group, a Singapore Exchange Limited (SGX)-listed worldwide commodities supply chain and trading company. Restructuring Deal of the Year (IFLR Asia).
• Payless ShoeSource: Counsel to Payless ShoeSource, a U.S. discount footwear retailer, in connection with its chapter 11 proceedings and operational restructuring in Asia.
• PT Bumi Resources: Counsel to a group of convertible bondholders in PT Bumi Resources’ $4.5-billion global debt restructuring. Insolvency and Restructuring Deal of theYear (Asia Legal Awards).
• Valaris: Counsel to an ad hoc group of noteholders of Valaris in relation to the Asian aspects of the provision of a debtor-in-possession term loan agreement and security package and the issuance of new secured notes implemented via chapter 11 and an English prepack administration sale.
• Virgin Australia Holdings: Counsel to the voluntary administrators (and later deed administrators) of Virgin Australia Holdings (administrators appointed) as special noteholder liaison counsel to liaise with holders of various tranches of notes in excess of AUD$1.9 billion. Restructuring Deal of the Year (IFLR Asia).
• Winsway Enterprises: Counsel to a steering committee of holders in the restructuring of $309 million of notes issued by Winsway Enterprises Holdings Limited, manufacturer of solar and wind power products. Finalist for Finance Deal of the Year: Restructuring & Insolvency (Asia Legal Awards).