Sidley represented Zhongliang Holdings Group Company Limited (Zhongliang), a Shanghai-based company listed on the Hong Kong stock exchange and principally engaged in the real estate development business, on the successful restructuring of its circa US$1.2 billion of offshore debt. The restructuring was implemented by way of a Hong Kong scheme of arrangement and became effective on March 20, 2024, after receiving exceptionally strong support from creditors and a sanction order from the Hong Kong courts.
This was a complex restructuring involving USD notes as well as a number of other debts with varying structures. The Sidley team, working with Zhongliang, was able to consensually secure the participation of major private debt holders in the scheme of arrangement, which ultimately paved the way for a holistic restructuring.
The multidisciplinary cross-border Sidley team was led by partners Sherlyn Lau (Hong Kong), Carrie Li (Hong Kong), and Kieran Sharma (London), and included Olivia Ngan (Hong Kong), Jifree Cader (London), Desmond Ang (Hong Kong), Alan Wong (Hong Kong), Bryan Lo (Hong Kong), Jacob Zhao (Hong Kong), Ibrahim Babiker (Hong Kong), Sophie Gu (Hong Kong), Priya Narang (London), Edwin Leung (Hong Kong), Vanessa Slade (Hong Kong), Songbei Li (Beijing), Anissa Ng (Hong Kong), and Jiyan Yan (Beijing).
