Regional news: Asia-Pacific

Harneys to serve alleged crypto scammer via NFT after novel BVI ruling

A British Virgin Islands judge has issued an injunction against two locally incorporated cryptocurrency issuers and allowed a Dubai-based gold broker to serve an unknown party, who allegedly stole $3 million in cryptocurrency from him, via a non-fungible token.

21 December 2023

Endo files Chapter 11 plan, seeks to pursue ancillary Irish scheme

Troubled pharmaceuticals group Endo has submitted a Chapter 11 plan that envisages first lien debtholders acquiring the company, and has asked the New York bankruptcy court to let it to enter a deed of indemnity and contribution so it can pursue a parallel Irish scheme as a guarantor.

21 December 2023

Evergrande and Dexin Holdings suffer further restructuring setbacks

China’s most indebted properly developer Evergrande has announced that its restructuring support agreements with an ad hoc group of creditors have lapsed; while fellow property developer Dexin has failed to consummate a restructuring in line with its Cayman Islands scheme of arrangement.

19 December 2023

Judge Peck retires from MoFo for Singapore court

Former New York bankruptcy judge James Peck is stepping down as head of Morrison Foerster’s cross-border restructuring and mediation practices to serve as a judge on the Singapore International Commercial Court.

19 December 2023

Farfetch agrees English pre-pack sale with South Korean e-commerce giant

South Korea’s largest online marketplace Coupang has agreed to buy New York-listed luxury clothing and beauty products company Farfetch through an English pre-packaged administration, with Latham & Watkins, Sidley Austin, Kirkland & Ellis and Milbank all picking up instructions.

18 December 2023

China Aoyuan secures sanction of Cayman and BVI schemes

Judges in the Cayman Islands and the British Virgin Islands have sanctioned schemes of arrangement for Chinese real estate developer China Aoyuan Group, while hearings for two inter-conditional schemes in Hong Kong are set to take place in early January.

15 December 2023

Chinese wine group secures Hong Kong scheme

After facing winding up petitions in the Cayman Islands and Hong Kong earlier in the year, a Chinese wine and liquor group has won sanction of a Hong Kong scheme of arrangement.

15 December 2023

Malaysia’s Sapura Energy scheme greenlit by multi-currency facility financiers

After launching a negotiation process with creditors in September last year, oil and gas company Sapura Energy has received the requisite support from its multi-currency finance facility creditors for a proposed restructuring it will pursue in Malaysia’s courts.

14 December 2023

Pinsent Masons launches Australian restructuring practice

The head of restructuring and insolvency at insurance-focused boutique Gilchrist Connell has moved to Pinsent Masons with her team to launch the firm’s Australia restructuring practice.

12 December 2023

Shimao Group announces Hong Kong scheme

Chinese property developer Shimao Group has announced plans to tackle its US$11.7 billion in unsecured offshore credit facilities through a Hong Kong scheme of arrangement, with Weil Gotshal & Manges and Allen & Overy advising noteholders and lenders.

11 December 2023

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