Restructuring of leading financial institution

Type of Engagement

Provisional liquidators

Situation

A leading financial institution in the Gulf Cooperation Council region which was significantly impacted by the global financial crisis, affecting its ability to obtain liquidity from the capital markets and to commit significant funds to new investments

Key Facts

US$2.7billion debt

Outcome

Restructuring plan approved by the requisite majority of creditors, sanctioned by the Cayman Court and confirmed by the US Court.

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Restructuring

First judicially approved, multi-jurisdictional debt restructuring of China-based entity

Type of Engagement

Provisional liquidators and restructuring advisors

Situation

The group was significantly impacted by over-capacity and reduced demand in the global market for certain of its products. The group had insufficient liquidity to service its financial obligations as and when they fell due.

Key Facts

US$600million turnover US$800million debt

Outcome

Interlinked Schemes of Arrangement sanctioned in Hong Kong and the Cayman Islands, Chapter 15 recognition in the US and Chapter 11 plans of reorganisation for certain US based subsidiaries.

Featured Service

Restructuring

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