Regional news: Cayman Islands

Hong Kong investor seeks winding up of Cayman-registered debt trader

An investor in a Hong Kong fund is seeking to wind up two of its portfolios in the Cayman Islands, after it failed to redeem almost US$4 million of shares.

26 May 2022

Luckin Coffee JPLs: “Trust and transparency was key”

Alvarez & Marsal’s Tiffany Wong and Alex Lawson tell GRR about the challenges they faced as Chinese coffee chain Luckin Coffee’s joint provisional liquidators, how they got the complex restructuring over the line and why ESG considerations are not yet having a huge influence in the restructuring space.

19 May 2022

Chinese liquor group wound up in Cayman Islands

Conyers has come off record as counsel for Chinese liquor distributor Silver Base Group on the same day that a Cayman court wound it up, finding its joint provisional liquidators’ latest report “does not make good reading” for the company.

16 May 2022

Latham & Watkins, Walkers submit Cayman petition to wind up Chinese football broadcaster

A UK-based sports media marketing company has filed a winding up petition against a Cayman subsidiary of Chinese sports investment platform Suning Group, following a payment dispute over football broadcasting agreements that deprived Chinese viewers of access to FA Cup and Italian Serie A games for several months last year.

09 May 2022

Linklaters and A&M advise as Golden Wheel completes Cayman restructuring

Chinese property developer Golden Wheel Tiandi has completed a restructuring of three Singapore-listed US dollar bonds using a Cayman scheme of arrangement.

04 May 2022

Cayman court rules on when a beneficial owner can pursue winding up

A Cayman court has issued its reasons for permitting the 1MDB-linked beneficial owner of shares in a local investment vehicle, to convert the vehicle's voluntary liquidation into a court-supervised winding up, where proceedings to vindicate share rights can normally only be brought by a registered shareholder under Cayman law.

03 May 2022

Skadden advising as E-House proceeds with Cayman restructuring

A week after Chinese real estate service provider E-House (China) Enterprise defaulted on a US dollar bond worth almost US$300 million, a majority of its noteholders have signed up to support a restructuring using a Cayman scheme.

26 April 2022

China’s Modern Land pursues offshore scheme as RiseSun’s is sanctioned

Chinese property group Modern Land has launched a scheme in the Cayman Islands to restructure over US$1.3 billion worth of foreign notes, while rival firm RiseSun Real Estate Development has secured sanction of its own British Virgin Island scheme together with recognition in the US.

21 April 2022

Host of global firms advise as Chinese oil group completes “unique” restructuring

Chinese oil company MIE Holdings has completed a global restructuring using a Cayman scheme and a Chapter 15 filing in New York – along with a novel order that conditionally discharged its joint provisional liquidators before the restructuring was completed.

14 April 2022

BVI funds linked to 1MDB fraud seek recognition in Miami

The joint liquidators of three British Virgin Islands funds that were allegedly part of a huge fraud perpetrated against Malaysian sovereign wealth fund 1MDB have sought recognition in Miami to further their investigations.

11 April 2022

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