Tus-Holdings Co., Ltd.’s Bondholder Consent Solicitation And Bond Restructuring

Linklaters acted as the international legal advisor for Tus-Holdings Co., Ltd. , Ogier as BVI counsel.

TusHoldings obtained consent from its bondholders to extend two tranches of offshore US dollar bonds totalling US$950m, and successfully completing the bond restructuring within one month.

Linklaters assisted TusHoldings in the negotiation and drafting of all consent solicitation, bond restructuring documents and announcements. This includes onshore and offshore credit enhancement measures, cash compensation plans, repayment plans and extensions, all within 10 days of being appointed. TusHoldings received consent from almost 100% of its investors on this plan. The level of complexity of this deal is rarely seen in the market, and Linklaters was involved in the planning and negotiating of all key aspects of the restructuring process, including communication and negotiation with investors.

The transaction was led by Linklaters’ Asia Managing Partner, William Liu (Picture), capital markets partner, Sherry Cui and restructuring and insolvency partner, Andrew Payne, with support from counsel Karen Cheng and managing associates Diantha Ho and Min Fang.

The Ogier team in Hong Kong was led by senior associate Rachel Huang with support from the firm’s global head of Corporate, Nathan Powell, and paralegal Vicky Wu.

Involved fees earner: Karen Cheng – Linklaters; Sherry Cui – Linklaters; Min Fang – Linklaters; Diantha Ho – Linklaters; William Liu – Linklaters; Andrew Payne – Linklaters; Rachel Huang – Ogier LLP; Nathan Powell – Ogier LLP;

Law Firms: Linklaters; Ogier LLP;

Clients: TUS-Holdings Co., Ltd.;

Sonia Carcano

Author: Sonia Carcano