Sunac China sought advice from Sidley Austin and Linklaters on a USD10.2 billion offshore debt restructuring plan.
Sidley Austin’s Hong Kong-based partners Christopher Cheng and Carrie Li, along with partner Jifree Cader in the London office, advised Sunac China.
Linklaters acted as counsel to the ad hoc group of bondholders and lenders, led by restructuring & insolvency partner James Warboys, with support from capital markets partner Taiki Ki.
Sunac China sought to restructure 12 US dollar notes amounting to USD7.7 billion, as well as 10 Hong Kong private placements of debt totalling USD2.5 billion.
The company offered four restructuring options including the conversion/exchange of old bonds into convertible bonds or shares of Sunac Services, as well as the issuance of new notes under a credit guarantee from Sunac China.
This differed from Evergrande’s offshore debt restructuring proposal, which proposed to offer underlying assets as a replacement.
In January, Sunac China’s restructuring proposal for RMB16 billion in domestic debt was approved.
