Regional news: China

Modern Land challenges Hong Kong scheme ruling in New York Ch15

The foreign representative of bankrupt Chinese property developer Modern Land has raised issue with a recent Hong Kong ruling that stated Chapter 15 proceedings do not constitute a discharge of US law-governed debt.

30 June 2022

The Cayman Islands’ new restructuring officer regime

In the second article of a three-part series, Harneys partners Chai Ridgers in Hong Kong and Jessica Williams in the Cayman Islands consider the practicalities of the Cayman Islands’ proposed new restructuring officer regime, comparing it to the “light touch” provisional liquidation process that is currently in place – and explain why Asian practitioners in particular should pay attention.

29 June 2022

Mining company files CCAA to stop Chinese creditor action

A Canadian mining company has filed Companies' Creditors Arrangement Act proceedings in British Columbia, after two Chinese state-owned creditors obtained judgments against it.

16 June 2022

Furniture maker’s JM extended to stop rescue reversal in China

The judicial managers of a leather furniture manufacturer that was rescued in 2020 have failed to persuade a Singaporean court it should now be wound up to prevent its shareholders from undoing the rescue in China.

14 June 2022

Dechert advising as another Chinese group seeks Ch15 recognition

The Cayman-registered holding company of a Chinese coal mining group has sought recognition of its Hong Kong restructuring scheme in New York.

14 June 2022

Fantasia vows to fight new Cayman winding up petition

Chinese property developer Fantasia Holdings said it will “vigorously” oppose a winding up petition submitted last month in the Cayman Islands over its inability to pay US$149 million outstanding on its loan facilities.

10 June 2022

MIE’s “unique” cross-border debt restructuring

Lawyers from Walkers take a step-by-step walk through the “unique” Cayman and US restructuring of Chinese oil and gas company MIE – particularly its novel adoption of an order for the conditional withdrawal of a winding up petition presented by a “friendly creditor” and corresponding discharge of provisional liquidators before the restructuring was completed.

09 June 2022

Hong Kong court warns against using offshore schemes to deal with US debt

Schemes purporting to compromise US law-governed debt in offshore jurisdictions coupled with Chapter 15 recognition will not be effective in Hong Kong, its High Court has warned.

07 June 2022

China’s HNA Group liable in Manhattan skyscraper dispute

Weeks after completing a multi-billion-dollar restructuring, Chinese conglomerate HNA Group is facing enforcement proceedings in relation to a US$185 million arbitral award stemming from an investment in a debt-ridden Manhattan skyscraper.

30 May 2022

Hong Kong judge applies Peking Founder findings in new keepwell deed dispute

Hong Kong’s Mr Justice Harris has applied his “momentous” findings in Peking Founder’s keepwell deed dispute to a new claim against Chinese semiconductor maker Tsinghua Unigroup, ruling again that deed disputes should be adjudicated in Hong Kong after confirming with a local expert that resulting judgments can be placed as evidence before a mainland court.

27 May 2022

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