Our team acted as Cayman Islands and BVI legal counsel to members of the coordination committee of bank lenders ("the CoCom") in the holistic restructuring of the offshore debt of Sino-Ocean Group Holding Limited ("Sino-Ocean").
This US$5.5 billion cross-jurisdictional transaction stands among the largest and most complex financial restructurings in the real estate sector to date.
Sino-Ocean is the listed holding company of a group engaged in residential development, real estate development and operations, property services, and full-chain construction services primarily in the PRC.
The restructuring involved a restructuring plan under Part 26A of the UK Companies Act 2006 and a parallel Hong Kong scheme of arrangement. The groundbreaking transaction represents a significant milestone, addressing the Group's financial challenges stemming from its real estate development business.
Partners Paul Aherne and Kristen Kwok advised on BVI and Cayman law aspects of the financing arrangements, with support from senior associates Charisa Yeung and Helena Chu, supported by specialist advice from our restructuring and corporate teams. Our teams collaborated closely with the CoCom's legal advisers, A&O Shearman, and other advisers to implement a comprehensive restructuring plan.
This precedent-setting transaction underscores our expertise in navigating challenging market conditions and highlights our ability to deliver tailored solutions for regional and global clients in the real estate and financial sectors.
Read more about the transaction here.