Golden Wheel Tiandi’s $445 Million Offshore Bond Restructuring

Linklaters acted as international legal counsel for Golden Wheel Tiandi Holdings Company Limited. Kirkland & Ellis advised the ad hoc committee of noteholders.

Golden Wheel Tiandi Holdings Company Limited (HKG:1232) announced the restructuring of its three offshore US dollar bonds with an aggregate principal amount of approx. US$445 million, by way of a scheme of arrangement in the Cayman Islands (Cayman Scheme).

This is the first offshore debt restructuring of a Chinese property developer arising from the recent crisis in the Chinese real estate market that has been successfully implemented through a Cayman Scheme.

The successful implementation of this debt restructuring has provided Golden Wheel Tiandi with a sustainable capital structure, which is expected to provide long-term value to all of its stakeholders.

Golden Wheel Tiandi is a leading integrated property developer in China, developing projects that are physically connected to metro stations or other transportation hubs. 

The Linklaters team was led by Asia Managing Partner William Liu (Picture), capital markets partner Sherry Cui and restructuring partner Andrew Payne, with support from managing associate Diantha Ho and associate Min Hui Chan. Linklaters was involved in strategic planning and commercial negotiations at all key stages of the restructuring process. The Linklaters team was also responsible for the drafting and reviewing of all bond restructuring documents from a New York law, English law, Hong Kong law and PRC law perspective, including the highly innovative onshore and offshore credit enhancement documents.

The Kirkland team was led by restructuring partners Neil McDonald, Jacqueline Wenchen Tang and Thomas Jemmett, with assistance from associates Zoey Zhang and Leeann Chen and transaction manager Eason Li. Debt finance partner Jacqueline Zheng, capital markets partner Louis Rabinowitz and debt finance associate Dora Cheung provided debt capital markets and credit support on this matter.

Involved fees earner: Leeann Chen – Kirkland & Ellis; Dora Cheung – Kirkland & Ellis; Thomas Jemmett – Kirkland & Ellis; Neil McDonald – Kirkland & Ellis; Louis Rabinowitz – Kirkland & Ellis; Jacqueline Wenchen Tang – Kirkland & Ellis; Zoey Zhang – Kirkland & Ellis; Jacqueline Zheng – Kirkland & Ellis; Min Hui Chan – Linklaters; Sherry Cui – Linklaters; Diantha Ho – Linklaters; William Liu – Linklaters; Andrew Pannell – Mayer Brown;

Law Firms: Kirkland & Ellis; Linklaters; Mayer Brown;

Clients: Golden Wheel Tiandi Holdings; Golden Wheel Tiandi Holdings – Noteholders;

Sonia Carcano

Author: Sonia Carcano