Linklaters has advised a group of bank lenders on the holistic restructuring of approximately US$2.9bn of offshore financial indebtedness of Powerlong Real Estate Holdings Limited (Powerlong), a Hong Kong SAR-listed Chinese real estate developer.
The restructuring was implemented by way of a scheme of arrangement in Hong Kong. Under the restructuring, the scheme creditors received one or a combination of options comprising cash, listed shares, mandatory convertible bonds, new notes and a new loan.
The scheme was sanction by the Hong Kong court on 17 June 2026 and the restructuring became effective on 6 November 2026.
The Linklaters team was led by partners Bernard Chain, Roberta Cheung and Richard Woodworth, with support from Nicole Tang, Faith Wang and Henry Lui.
With 50 years of on-the-ground experience in Hong Kong SAR and across Asia, Linklaters combines deep local insight with the strength of its global platform. The firm’s uniquely well-balanced restructuring and insolvency practice advises debtors, creditors and other stakeholders on major restructurings across the region, leveraging the firm’s global platform and multidisciplinary expertise. Recent mandates include advising the Co-ordinating Committee of Lenders on China SCE Group’s US$2.3bn offshore debt restructuring and advising Country Garden on the successful restructuring of approximately US$17.7bn of offshore debt.
About Linklaters LLP
Linklaters LLP is a leading global law firm, advising the world’s leading banks, corporates and private capital clients on their most important and challenging transactions and assignments. We combine legal expertise with a collaborative and commercial approach to help clients navigate rapidly evolving markets and regulatory environments. Our teams operate at the forefront of all major practice areas and sectors, working as one team globally to enable clients to confidently seize opportunities and navigate risk. With offices in major business and financial centres, we deliver an outstanding service to our clients anywhere in the world
