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Mourant Ozannes receives China Business Law Journal Awards 'Deal of the Year' recognition for Kaisa Group restructuring
19 January 2017
Mourant Ozannes has received China Business Law Journal Awards 'Deal of the Year' recognition for its involvement in the offshore debt restructuring of Kaisa Group, the first Chinese property developer to default on US bonds.
Mourant Ozannes advised the steering committee of bondholders of certain notes issued by Kaisa Group in connection with the British Virgin Islands and Cayman Islands law aspects of its offshore debt restructuring of nearly 17 billion yuan in offshore debt involving around seventy offshore vehicles.
Kaisa Group is a Cayman Islands incorporated company and is listed on the Hong Kong Stock Exchange. The Group defaulted on the US dollar bonds after the Shenzhen government blocked its home sales in Shenzhen in late 2014. The multijurisdictional debt restructuring plan was duly passed with the approval of the requisite majority of the scheme creditors at meetings held by courts in Hong Kong and the Cayman Islands in May.
Mourant Ozannes Partner Simon Lawrenson said:
"The Kaisa Group restructuring is another example of the strength of our finance and restructuring practice, which is regularly instructed to work on the most high profile and complex matters and which is now one of the largest dedicated offshore finance teams in Asia."
The Mourant Ozannes team was led by Partner Simon Lawrenson, assisted by Associates Paul Trewartha and Peter Vas.
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About Mourant
Mourant is a law firm-led, professional services business with over 60 years' experience in the financial services sector. We advise on the laws of the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Luxembourg and provide specialist entity management, governance, regulatory and consulting services.
