Regional news: Hong Kong

Chinese real estate behemoth Evergrande has unveiled a long-awaited restructuring plan targeting offshore notes worth around US$19 billion, which has secured the support of an ad hoc group of creditors advised by Harneys and Kirkland & Ellis.

23 March 2023

The Hong Kong High Court has adjourned a winding up petition against Chinese real estate giant Evergrande for the third time, after the group revealed it has reached a restructuring deal with its offshore bondholders.

20 March 2023

The former owner of French luxury crystal manufacturer Baccarat has been rebuked by a Hong Kong court for failing to comply with a bankruptcy order and offering “incredible” explanations for her conduct.

14 March 2023

Insolvency advisers in the Cayman Islands have taken aim at what they say is a recent trend of “protectionist” Hong Kong court rulings at the American Bankruptcy Institute’s Caribbean Insolvency Symposium.

08 February 2023

Mr Justice Harris has predicted Hong Kong will soon become a signatory to the UNCITRAL Model Law and said US judges “don’t fully understand” the concerns of Hong Kong courts in the wake of the controversial cross-border restructuring of Chinese real estate developer Modern Land.

01 February 2023

A court in Hong Kong has released its reasons for sanctioning Hong Kong Airlines’ scheme, saying the company’s dual UK-Hong Kong restructuring should be effective in foreign jurisdictions despite a “remote risk” of enforcement action by mainland Chinese creditors.

03 January 2023

Just five days after its English restructuring plan was approved, Hong Kong Airlines has secured sanction of its Hong Kong scheme of arrangement, marking the first time that parallel English plan and Hong Kong scheme proceedings have been successfully used to restructure Hong Kong, PRC and English law-governed debts.

15 December 2022

Cayman Islands-incorporated real estate developer Sunac China Holdings has outlined preliminary plans to convert US$3 billion to US$4 billion of its offshore debt into shares or equity-linked instruments, in a restructuring that will be implemented by Hong Kong or Cayman schemes.

12 December 2022

Crossing another hurdle in its restructuring, Hong Kong Airlines has secured sanction of an English restructuring plan, five days before its parallel Hong Kong scheme is due to be heard, after creditors dropped potential opposition.

09 December 2022

Ashurst has hired a new partner to its Hong Kong office as part of its plans to capture “rapidly growing” opportunities and client demands in Asia, two months after launching a risk advisory business in the UK.

05 December 2022