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In July 2023, China Evergrande Group proposed a debt restructuring to address significant financial challenges faced by the group.
Creditors were offered options to convert claims into different classes of new notes and equity-linked instruments.
They required support in the form of Information and Tabulation Agent for both the Restructuring Support Agreement (RSA) and Schemes of Arrangement heard in the courts of Hong Kong, Cayman Islands and British Virgin Islands.
Our role included:
- Reviewing transaction documents on the mechanical aspects.
- Announcing the event to the market and acting as a critical conduit of information between the Company, Legal Advisors, Financial Advisors and bondholders.
- Facilitating the completion of the transfer procedures, ensuring all RSA requirements were met.
- Collecting and tabulating voting instructions, attending and voting as proxy at the bondholders’ meetings.
- Maximizing bondholder participation across regions by addressing all bondholders' queries promptly, via our operational teams in APAC, Europe and US.
We reviewed and processed more than 6000 Accession Letters and 7000 Scheme Voting Forms via Portal, our proprietary platform, reducing procedural burden and ensuring an efficient experience for all market participants.
With our real-time reporting platform Bondwatch, we provided constant feedback to the working group, enabling precise tracking and processing over 9000 SWIFTs.
We proactively collaborated with key bondholders and lenders to ensure timely submission of voting instructions and Accession Letters or Scheme Voting Forms prior to the relevant deadlines.
Find out more about our Global Debt & Bondholder Services.
Summary
Our team supported China Evergrande Group’s complex debt restructuring by managing creditor communications, voting processes, and entitlement submissions, ensuring smooth execution across multiple jurisdictions.
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