Regional news: Hong Kong
Hong Kong court dismisses Dingway liquidators’ discovery application
The liquidators of a Hong Kong-headquartered investment company, who have been trying to investigate several allegedly wrongful transfers related to property it indirectly held in Miami, have had their application for discovery dismissed by a local court.
12 May 2022
Subsidiary of India’s Mayar conglomerate wound up in Hong Kong
A lumber merchant that is part of India’s Mayar Group conglomerate has been wound up in Hong Kong and its director declared bankrupt, after they failed to convince a local judge that settlement talks with lenders provided an estoppel defence against both petitions.
05 May 2022
Linklaters and A&M advise as Golden Wheel completes Cayman restructuring
Chinese property developer Golden Wheel Tiandi has completed a restructuring of three Singapore-listed US dollar bonds using a Cayman scheme of arrangement.
04 May 2022
Skadden advising as E-House proceeds with Cayman restructuring
A week after Chinese real estate service provider E-House (China) Enterprise defaulted on a US dollar bond worth almost US$300 million, a majority of its noteholders have signed up to support a restructuring using a Cayman scheme.
26 April 2022
Teneo hires from Accuracy in Hong Kong
Former EY and Accuracy director So Kim Lau has joined the recently launched Hong Kong office of New York-headquartered financial advisory firm Teneo.
25 April 2022
China’s Modern Land pursues offshore scheme as RiseSun’s is sanctioned
Chinese property group Modern Land has launched a scheme in the Cayman Islands to restructure over US$1.3 billion worth of foreign notes, while rival firm RiseSun Real Estate Development has secured sanction of its own British Virgin Island scheme together with recognition in the US.
21 April 2022
Host of global firms advise as Chinese oil group completes “unique” restructuring
Chinese oil company MIE Holdings has completed a global restructuring using a Cayman scheme and a Chapter 15 filing in New York – along with a novel order that conditionally discharged its joint provisional liquidators before the restructuring was completed.
14 April 2022
Hong Kong court issues first cooperation mechanism letter to Shanghai
Less than three months after a Hong Kong court assisted the first ever foreign-incorporated company to seek recognition of its local liquidation in the Mainland, the same court has agreed to help the liquidators seek recognition of their appointment over its Hong Kong subsidiary in Shanghai.
08 April 2022
Noble Group completes its second restructuring
Hong Kong-headquartered commodities trader Noble Group has completed its second restructuring in three years, reducing its debt pile to US$550 million.
06 April 2022
Reed Smith and DLA Piper appointed for Evergrande cash seizure probe
Chinese real estate giant Evergrande has appointed Hong Kong-based Reed Smith Richards Butler and DLA Piper to advise two independent committees formed last week to assess the implications of a US$2.1 billion cash seizure by lenders.
31 March 2022