Topic: Scheme of arrangment

Moldovan group completes BVI scheme to fund enforcement actions against Kazakhstan

A Moldovan oil group has closed a contested British Virgin Islands scheme and obtained Chapter 15 recognition in a restructuring designed to help it fund enforcement of an arbitral award it won against Kazakhstan over a decade ago.

08 January 2024

Chinese developers Zhenro and CIFI reveal proposed offshore debt restructurings

Property developer Zhenro has published the terms of a restructuring support agreement that it plans to implement through either a Hong Kong or Cayman scheme or both, while CIFI Holdings has revealed a “holistic” restructuring plan that aims to slash its US$7 billion offshore debt in half.

03 January 2024

Endo files Chapter 11 plan, seeks to pursue ancillary Irish scheme

Troubled pharmaceuticals group Endo has submitted a Chapter 11 plan that envisages first lien debtholders acquiring the company, and has asked the New York bankruptcy court to let it to enter a deed of indemnity and contribution so it can pursue a parallel Irish scheme as a guarantor.

21 December 2023

Evergrande and Dexin Holdings suffer further restructuring setbacks

China’s most indebted properly developer Evergrande has announced that its restructuring support agreements with an ad hoc group of creditors have lapsed; while fellow property developer Dexin has failed to consummate a restructuring in line with its Cayman Islands scheme of arrangement.

19 December 2023

Chinese wine group secures Hong Kong scheme

After facing winding up petitions in the Cayman Islands and Hong Kong earlier in the year, a Chinese wine and liquor group has won sanction of a Hong Kong scheme of arrangement.

15 December 2023

Malaysia’s Sapura Energy scheme greenlit by multi-currency facility financiers

After launching a negotiation process with creditors in September last year, oil and gas company Sapura Energy has received the requisite support from its multi-currency finance facility creditors for a proposed restructuring it will pursue in Malaysia’s courts.

14 December 2023

Renewable energy group secures sanction of Irish schemes

The Irish High Court has sanctioned a pair of schemes of arrangement for two companies in renewable energy infrastructure group Solar 21, after “serious” objections and allegations raised at the convening stage fell away.

12 December 2023

Shimao Group announces Hong Kong scheme

Chinese property developer Shimao Group has announced plans to tackle its US$11.7 billion in unsecured offshore credit facilities through a Hong Kong scheme of arrangement, with Weil Gotshal & Manges and Allen & Overy advising noteholders and lenders.

11 December 2023

Two schemes, two years: Chinese medical equipment supplier pursues Cayman restructuring

Dechert has been brought in to advise Cayman Islands-incorporated, Hong Kong-listed medical equipment supplier Yestar Healthcare in its second restructuring in two years, with Hogan Lovells returning for noteholders.

07 December 2023

New Silkroutes scheme sanctioned in Singapore

Singaporean healthcare and energy holding company New Silkroutes has obtained sanction of a pre-packaged scheme in Singapore through which its largest unsecured creditor, a Canadian real estate investment group, is set to take a majority stake in the company.

06 December 2023

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