Restructurings

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CBLJ-2021-July-August-Restructurings

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.

TianTong Law Firm, Zhong Lun Law Firm and Fangda Partners represented the consortium, while AnJie Law Firm advised Ping An on the antitrust merger control review process.

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.