Sidley represented Hilong Holding Limited (HKEX:1623) (Hilong) as lead international counsel in a restructuring of Hilong’s offshore U.S. dollar-denominated notes. Hilong is a leading integrated oilfield equipment and service provider operating in the People’s Republic of China (PRC) and international markets. The restructuring, which became effective on May 18, 2021, was the first completed offshore restructuring in the PRC oil and gas sector.
The complex transaction was implemented through a scheme of arrangement in the Cayman Islands. Through the restructuring, the defaulted New York law-governed existing notes (c. US$400 million in principal and interest) were replaced by a combination of deferred cash and new notes with extended maturity. The new notes, also governed by New York law, are secured by a basket of collateral located in jurisdictions around the world, governed by the laws of Malaysia, Pakistan, Ukraine, Nigeria, and Ecuador, among others. The new notes are listed on the Singapore Exchange.
The multi-office, multi-disciplinary Sidley team was led by partners Oliver Zhong and Jifree Cader. Other team members included senior associates Gordon Davidson and Tawnee Harker, associates Dasha Chirkov, Joshua Oeij, and Raveena Ubhi and trainee Yanaisha Sydamah in London; senior associate Jacob Zhao in Hong Kong and associate Haiyun Chen in Beijing; and partner Matthew Sheridan and counsel Jeremy Wang in Singapore. New York-based partner Alex Rovira and associate Amelia Barnes provided U.S. bankruptcy law support, and Hong Kong-based partner Raymond Oh and senior associate Janice Lam provided Hong Kong law support.