David Bulley | Appleby

Bio

David is the Managing Partner of the Hong Kong office and Local Corporate Group Head. He is also head of Asia Private Equity and M&A, Corporate Restructuring and global co-head of SPACs.

Recognised as a leading lawyer in each of his practice areas, David has been named Cayman Islands “Merger and Acquisitions Lawyer of the Year” for the last three years running, having completed transactions with an aggregate value in excess of USD100 billion during this time.

David’s corporate clients include Ascendent Capital Partners, Benchmark Asia, Celadon Partners, Goldman Sachs, MUFG, SoftBank Group Corp. and SoftBank Vision Fund.

On the restructuring side David has a wealth of knowledge and experience in advising clients on all aspects of offshore restructurings. Currently engaged on multiple mandates relating to the offshore bonds of Chinese real estate developers, David has led on many of the largest Cayman restructurings, particularly in the offshore oil and gas sector during the previous cyclical downturn.

David trained at Freshfields Bruckhaus Deringer in London before practicing at Kirkland & Ellis and Sullivan & Cromwell in London.

Work Highlights

PE / M&A*:

Ascendent Capital Partners on multiple acquisitions and exits
Benchmark Asia on its acquisition of assets out of the liquidation of Pacific Harbour
Celadon Partners on multiple acquisitions and exits
China Automation Group on its privatization by way of a Cayman scheme of arrangement
China Post on its USD128m investment in ULE Holdings
China UnionPay in connection with its bid for Chinese tech assets
MUFG on its acquisition of an interest in Grab Holdings Inc. for USD706m
Sequoia Capital on multiple acquisitions
SoftBank Group Corp. on multiple acquisitions and exits
SoftBank Vision Fund on multiple acquisitions
Various – Multiple privatisation transactions with an aggregate deal value in excess of USD20bn

* A more complete list of experience is available upon request – representations set out above only includes Asia based transactions and not those completed for US / European clients

Restructuring**:

Debtor Representations

CHC Helicopter Group on restructuring by way of Chapter 11 and Cayman process
Pacific Drilling on its 2018 restructuring by way of Chapter 11 and Cayman process
Pacific Drilling on its 2020 restructuring by way of Chapter 11 and Cayman process
Various – multiple Chinese real estate companies on their ongoing liability management and debt restructuring processes
Whalsay Energy Limited on its restructuring and its listing on the Cayman Stock Exchange

Creditor Representations

Hercules Offshore – The Ad Hoc Group of Creditors on the first restructuring of Hercules Offshore Inc. by way of US Chapter 11 and offshore process
Noble – An Ad Hoc Group of Noteholders of Noble on its restructuring by way of Chapter 11
Ocean Rig – The Ad Hoc Group of Creditors of Ocean Rig UDW. Inc. on a financial restructuring by way of multiple Cayman Schemes of Arrangement and Chapter 15
Scottish Re – The Official Committee of Unsecured Creditors on the Chapter 11 of Scottish Re
Seadrill – The Ad Hoc Group of Senior Secured Creditors of Seadrill on restructuring by US and Bermuda process
Valaris – The Ad Hoc Group of Creditors of Valaris plc on its restructuring by way of Chapter 11 and offshore process
Virgin Atlantic – A major creditor on the restructuring of Virgin Atlantic

** A more complete list of experience is available upon request – representations set out above only includes offshore representations and not deals completed whilst at Kirkland & Ellis or Sullivan & Cromwell

SPAC / DE-SPAC REPRESENTATIONS***:

US SPACS

Artisan Acquisition Corp. – US$300m SPAC IPO – sponsored by C-Ventures and Adrian Cheng
Black Spade Acquisition Co – US$150m SPAC IPO – sponsored by Black Spade Capital and Lawrence Ho
Gobi Acquisition Corporation – US$250m SPAC IPO – sponsored by PAG
Silver Crest Acquisition Corporation – US$300m SPAC IPO – sponsored by affiliates of Ascendent Capital Partners

Hong Kong SPACs

Various – Multiple ongoing Hong Kong SPAC IPO processes following the implementation of the Hong Kong SPAC regime under Chapter 18B of the Hong Kong listing rules

De-SPACs

Artisan Acquisition Corp. ongoing de-SPAC transaction with Prenetics
Silver Crest Acquisition Corporation ongoing de-SPAC transaction with Tim Hortons China

***A more complete list of experience is available upon request subject to confidentiality for multiple ongoing de-SPACs