Regional news: Hong Kong
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
French-Bermudian JV's creditors agree to Chinese restructuring
Creditors of a joint venture between Bermuda-registered car manufacture Brilliance Auto and France’s Renault have approved the formation of a committee to oversee a restructuring in China.
25 May 2022
Hong Kong billionaire faces bankruptcy as court rejects “absurd” duress and abuse claims
A Hong Kong court has authorised the filing of a bankruptcy petition against prominent local billionaire Pan Sutong and wound up a company he controls, finding their claims of duress, breaches of mainland Chinese law and abuse of process against the Chinese state-owned petitioner rang “hollow” and were “practically moonshine”.
20 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
Chinese coal group wound up in Hong Kong despite Bermudian liquidation
The High Court in Hong Kong has issued a winding up order against a Chinese coal group that is already being wound up in Bermuda, finding no reason why liquidators cannot harmonise the processes.
13 May 2022