Law firm Stephenson Harwood LLP has advised on two separate deals which have been recognised at the China Business Law Journal (CBLJ) Deals of the Year Awards 2022. Both deals were included in CBLJ's cross-border category.
CBLJ has selected deals that stood out for their overall significance, complexity, innovative nature and deal size.
The first deal relates to Hong Kong Airlines' US$6.2 billion debt restructuring, which happened to be the first cross-border scheme of arrangement simultaneously undertaken in Hong Kong and the UK. This restructuring plan dealt with more than 90% of Hong Kong Airlines' financial and operating liabilities in Hong Kong, mainland China and the UK; the introduction of US$384 million of new equity investment; and the revamping of its fleet and corporate structure. In December 2022, the plan was approved by courts in Hong Kong and London. Stephenson Harwood advised one of the airline's creditors, a leading leasing company in the PRC, on this restructuring. The team was led by partner Simon Wong, who was supported by Hong Kong partners Mark Reed and Jamie Stranger, and associates Louis Ng, Raina Xian, Rosy Chan and Renee Cheung. Further support was provided by London partners Tim Crocker and Ian Benjamin, and associate Tarka Carew.
The second matter relates to United Overseas Bank's (UOB) US$1.5 billion loan to Shimao. Singapore-based UOB settled its dispute with Shimao, one of China’s largest real estate developers, by buying out original syndicated loan facilities to Adventure Success, a subsidiary of Shimao, and replacing them with new facilities. The restructured loan will fund the ongoing construction and preserve the value of the Tai Wo Ping project in Kowloon, Hong Kong. The Stephenson Harwood cross-practice team, which advised UOB, was led by partner Mark Reed and managing associate Teresa Tsoi. They were supported by finance partner Anna Kwong, and associates Anthony Wong and Phoebe Cheng; litigation partner Ivan Ng and managing associate Stephanie Poon; real estate partner Janice Yau Garton and associate Joanna Chan; and corporate partner Jane Ng and associate Michael Mok.