Mourant Ozannes has received the China Business Law Journal 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 on notes issued by Kaisa Group in connection with the British Virgin Islands and Cayman Islands law aspects of its offshore debt restructuring. This involved nearly 17 billion yuan in offshore debt involving around 70 offshore vehicles.
Kaisa Group is a Cayman Islands incorporated company 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.
The Mourant Ozannes team was led by Partner Simon Lawrenson, assisted by Associates Paul Trewartha and Peter Vas.