Debt-ridden Founder Group, China’s largest university-founded tech conglomerate, with six listed subsidiaries, secured court approval on its bankruptcy restructuring plan. Under the plan, Ping An Insurance Group, China’s biggest insurer, formed a co-investing consortium with Huafa Group and Shenchao Technology to take over at a consideration of RMB53.7 to RMB73.3 billion. Ping An and Zhuhai Huafa will acquire no less than 73% equity interest in New Founder Group, and Shenchao will acquire all equity in Founder Microelectronics, the retained assets of the reorganisation.
Mayer Brown advised on Hong Kong-listed cruise and resort operator Genting Hong Kong’s US$3.5 billion debt restructuring, as the pandemic devastated the company. The firm advised the seven-bank ad hoc steering committee representing all financial creditors to the company’s cruise, ship construction, gaming operation and associated businesses.