Sunac China Holdings’ US$10.2 billion offshore restructuring has won the “Asia-Pacific Restructuring” award at International Financing Review’s IFR Awards 2023 and the “Turnaround Deal” award at the IFR Asia Awards 2023. The IFR Awards are “the pre-eminent forum for recognising achievement and success in global capital markets.”
Sidley represented Sunac China Holdings Limited (Sunac) in the restructuring of its US$10.2 billion offshore debt. Sunac and its subsidiaries are principally engaged in the property development and property investment business in the People’s Republic of China, with leading capabilities in Chinese real estate, cultural tourism, urban development, and integrated industrial operations. The complex transaction was implemented through a scheme of arrangement in Hong Kong, which was sanctioned on October 5, 2023, and parallel Chapter 15 recognition proceedings in the U.S. District Court for the Southern District of New York.
The multidisciplinary cross-border Sidley team was led by partners Christopher Cheng (China Corporate and Finance), Carrie Li (Capital Markets), Olivia Ngan (China Corporate & Finance), and Jifree Cader (Restructuring).
