Regional news: China
Second mainland recognition request issued in Hong Kong
The liquidators of a Hong Kong-incorporated hydropower group have applied for recognition in mainland China, a month after a Shenzhen court's historic recognition of Samson Paper Company’s Hong Kong liquidators.
24 January 2022
Linklaters advising as another Chinese developer heads for default
Cayman Islands-incorporated property group China Aoyuan has said it is set to default on all its offshore debt, while Evergrande has announced plans to bring in Zhong Lun Law Firm to help with its high-profile restructuring efforts.
21 January 2022
Evergrande’s offshore bondholders threaten enforcement action
An ad hoc group of Evergrande’s offshore bondholders have brought in Harneys to advise on potential enforcement action after claiming they have had “no substantive engagement” with the Chinese property group despite repeated assurances.
20 January 2022
Cayman court winds up Chinese menswear retailer after misconduct claims
Chinese menswear retailer Evergreen International has been wound up in the Cayman Islands after a court found it had failed to offer “even the outline of a restructuring proposal” despite hiring advisers in April last year.
17 January 2022
Mainland court recognises Hong Kong liquidators for first time
The liquidators of a Hong Kong-incorporated paper company have secured the historic recognition of their appointments in mainland China following a first-of-its kind ruling by the Shenzhen Intermediate People’s Court.
14 January 2022
Eversheds advising as HSBC chases defaulting Chinese developer
HSBC is seeking to recover millions of dollars from struggling Chinese property developer Fantasia Holdings after accusing it of defaulting under the terms of an interest rates swap agreement.
11 January 2022
Latham and Kirkland advising as Chinese power company seeks US recognition
The bankruptcy administrator of one of China’s largest private power generators has sought recognition in the US after it defaulted on New York law-governed notes – a week after a Chinese chemicals group also filed Chapter 15 proceedings in California to block litigation stemming from a failed joint venture.
05 January 2022
Evergrande committee to work with creditors, Kaisa hires Sidley
China’s Evergrande said its recently formed risk management committee “will actively engage” with creditors to deal with its current problems, while fellow struggling property group Kaisa has hired Sidley Austin and Houlihan Lokey after defaulting on a series of notes.
22 December 2021
“Momentous” decision issued on HK-PRC comity in keepwell deed dispute
In a judgment described as “undoubtedly the most important cross-border insolvency decision” issued by the Hong Kong courts in a generation, Mr Justice Harris has recognised the Beijing administrators of Peking University’s corporate arm but limited a local stay so the issuers and guarantors of bonds backed by English law-governed keepwell deeds can have their rights determined before him.
17 December 2021
US court approves Luckin Coffee restructuring
China’s Luckin Coffee has secured approval of its scheme of arrangement in the Cayman Islands and a New York court has given the restructuring full force and effect in the US.
17 December 2021
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