In the Shimao’s high value loan deal, Appleby acted as BVI and Cayman Islands counsel for Adventure Success, a subsidiary of Shimao, on its USD1.5 billion loan from the Singapore-based United Overseas Bank. Shimao, one of the China’s largest real estate developers, is undergoing offshore debt restructuring amid challenging conditions facing the Chinese property market. The restructured loan will fund the ongoing construction and preserve the value of the Tai Wo Ping (TWP) project in Kowloon, Hong Kong. The loans were also structured to be ring-fenced from Shimao’s holistic offshore debt restructuring, on which Appleby are advising, but still permit the TWP project to form part of the asset package as a supplemental credit enhancement for the restructured debts. The Appleby team was led by Hong Kong Managing Partner and Head of Restructuring David Bulley, assisted by Partner Eliot Simpson, Counsels Ida Nylund and Crystal Au-Yeung and Associate Ray Leung.
In the firm’s other winning matters, Appleby acted as Cayman counsel for Artisan Acquisition Corp. on its business combination with Prenetics, a global leader in genomic and diagnostic testing, and Silver Crest Acquisition Corporation on its business combination with TH International Limited, the exclusive operator of Tim Hortons coffee shops in China, respectively, in each case having acted on the SPAC IPO. The Appleby team on each deal was led by Hong Kong Managing Partner and Global co-head of SPACs David Bulley and, assisted by Cayman-based Counsel and Global co-head of SPACs Dean Bennett and Associate Alejandra Gonzalez Saucedo.
David commented “It is fantastic for Appleby to be involved in these notable deals and I’m pleased to have led on all three of these deals acting for important clients of the firm. It further demonstrates the firm’s market leading expertise in the restructuring space, where we are being engaged on a consistent basis as specialist restructuring counsel, as well as our SPAC / de-SPAC areas. This recognition follows on from our recently completed high profile restructuring deal acting for China Fortune Land Development Co. Ltd. We continue to grow our restructuring capabilities and look forward to announcing the appointment of a new restructuring partner in the coming weeks as well as another junior associate to allow us to continue to provide clients with the offshore support which they require in these complex situations.”
Our team regularly works with companies around the globe to help them deploy strategic growth and restructuring initiatives whether involving single jurisdictions or complex multi-jurisdictional, multi-disciplinary transactions.