Allen & Overy advises on the restructuring of China Aoyuan’s offshore debt

As the legal counsel to the CoCom (and prior to the formation of the CoCom, as restructuring advisers to the lenders under China Aoyuan’s offshore syndicated facilities), A&O assisted with the formation of the CoCom to bring stability to and facilitate restructuring discussions with the China Aoyuan group, and advised the CoCom in negotiating with China Aoyuan and other stakeholders a holistic restructuring of the offshore debts of China Aoyuan group through inter-conditional schemes of arrangement in Hong Kong, BVI and the Cayman Islands.

The A&O team was led by partner Viola Jing, with the support of Ian Chapman (partner), Leona Healey (of counsel), Antonia Ma (senior associate), and Jack Kwan (associate). Felipe Duque (partner), Agnes Tsang (partner), Julie Song (senior associate) and Erica Lo (associate) also provided support from a debt capital markets perspective.

Viola Jing, partner at A&O, commented: " This transaction showcases our ability to advise and negotiate innovative and pragmatic solutions for our clients in challenging market conditions. It clearly demonstrated the benefits and importance of the close and collaborative working relationship which existed among all stakeholders, including China Aoyuan, the ad-hoc group of bondholders and their respective advisors. We are particularly grateful to the CoCom and syndicated lenders for their trust and support throughout the process."

Ian Chapman, partner at A&O, added: " We are pleased to have supported the CoCom on all facets of these complex restructuring negotiations, again showcasing the strength and depth of our restructuring and insolvency practice in the region."