Acted as Cayman Islands counsel to Modern Land (China) Co., Ltd. on the successful restructuring of its US$1.34 billion bondholder debt. This was a complex, multi-jurisdictional transaction achieved by way of a successful Cayman Islands scheme of arrangement and recognition proceedings in the US under Chapter 15 of the US Bankruptcy Code.

Modern Land is a property developer focused on the development of green, energy-saving, and eco-friendly residences in the People's Republic of China and is listed on the Hong Kong Stock Exchange. The restructuring was prompted by the ongoing distress in the Chinese property markets and focused on the company's US$-denominated notes.

A multi-jurisdictional team based in the Group's Hong Kong and Cayman Islands offices acted as Cayman Islands counsel to Modern Land, and was led by Hong Kong Partner, Nick Stern and Cayman Islands Partner, Caroline Moran. Sidley Austin LLP acted as international counsel on the restructuring providing Hong Kong and New York legal advice. Houlihan Lokey was the company's financial adviser.