Appleby is pleased to announce the successful completion of the restructuring of the offshore debt for Zhongliang Holdings Group Company Limited (“Zhongliang”), a Shanghai-based company listed on the Hong Kong stock exchange and primarily engaged in real estate development business. The restructuring of its offshore debt, totaling approximately USD1.2 billion, was implemented by way of a Hong Kong scheme of arrangement and received overwhelming support from its creditors, with 99.12% in value of scheme creditors voting in favor. The scheme has become effective on March 20, 2024.
This complex transaction involved a multi-disciplinary Appleby team which was led by Hong Kong and Shanghai Managing Partner David Bulley and Counsel Ida Nylund. The team also involved Partner Lorinda Peasland and Legal Manager Denise Tse from the Hong Kong Restructuring and Insolvency team, and Associate Angelina Wong and Legal Manager Fanny Or from the Hong Kong Banking and Finance team. The expert team ensured a smooth and successful outcome, ultimately securing a sanction order from the Hong Kong courts.
“This restructuring deal marks a significant achievement for Zhongliang and underscores our firm’s commitment to delivering exceptional results for our clients. By leveraging our expertise, we’ve achieved a remarkable outcome that sets a new standard in this space.” stated David. “We are proud to have played a key role in this transaction and look forward to continuing to support our clients in achieving their strategic objectives.“
