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 Peoples 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 (SDNY).
The scheme achieved widespread engagement, with a total of 2,019 creditors, representing 97.30% of the total valu…
Read the full article at: https://www.sidley.com/en/newslanding/newsannouncements/2023/11/sidley-advises-sunac-china-holdings-limited-in-its-us-10-billion-offshore-debt-restructuring