Regional news: Hong Kong

Telford holdcos wound up in Cayman following wider restructuring

Two rump holdcos that were left behind when US investor Merced Capital acquired Dubai-based offshore construction vessel owner Telford Offshore as part of a restructuring in February have been wound up in the Cayman Islands.

26 June 2023

Singapore commodities trader secures novel CRO-managed scheme’s sanction

Commodity trader Antanium Resources has secured sanction of the first Singaporean scheme of arrangement to include a class of insured creditors, a year after its creditors obtained a novel order for the compulsory appointment of a chief restructuring officer.

23 June 2023

Conyers advising as Chinese auto e-commerce operator seeks ROs in Cayman

A Chinese investment holding company that focuses on the automobile e-commerce sector has applied to appoint restructuring officers in the Cayman Islands to help it deal with its debts.

20 June 2023

Trustee prevails in Tsinghua Unigroup keepwell deeds dispute

A month since his landmark keepwell deeds decision in the Peking Founder case, Hong Kong's Mr Justice Harris has applied his reasoning again, this time awarding more than US$484 million to the trustee of a tranche of defaulted bonds issued by Chinese state-owned entity Tsinghua Unigroup.

19 June 2023

Global menswear retailer’s Hong Kong liquidators permitted to seek mainland recognition

The liquidators of menswear retailer Trinity International Brands have secured a Hong Kong court’s permission to seek recognition in mainland China after accusing a former director of embarking on an asset-stripping exercise.

16 June 2023

Chinese creditors wind up Hong Kong-listed property developer

A Chinese state-owned investment company and a local investment manager have successfully wound up a Chinese property group’s Hong Kong listed top company for being guarantor

09 June 2023

Chinese wine group faces Cayman and Hong Kong winding up actions

A Chinese wine and liquor group is facing winding up petitions in the Cayman Islands and Hong Kong, despite entering a US$10 million investment agreement with asset manager CIS Group three months ago to support a proposed restructuring.

07 June 2023

Dutch-Chinese joint venture fails HK bid for “interim interim” Mareva injunction

A British Virgin Islands entity has failed to secure “interim interim” Mareva relief, as it waits to see whether the Privy Council will reconsider an order finding the company’s directors were personally liable for restoring the proceeds of a share transfer they executed without shareholder approval.

05 June 2023

Akin Gump continues special situations growth with Hong Kong hire

Akin Gump Strauss Hauer & Feld has recruited a new partner from alternative investment firm Värde Partners in Hong Kong, continuing a recent hiring spree that has seen it add five new partners to its special situations and private credit group in the last eight months.

05 June 2023

HK liquidators “authors of their own misfortune” in failing to wind up Singaporean metals trader

The liquidators of a Peking University Founder Group subsidiary in Hong Kong have failed to wind up a Singaporean former affiliate of the group, in a dispute that pitches “aggrieved” offshore bondholders against investors who purchased some of the mainland group’s assets in a 2021 restructuring.

02 June 2023

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