Dechert advises ad hoc committee of Noteholders on successful restructuring of senior notes issued by Shandong Sanxing

Dechert’s restructuring and finance teams in Hong Kong have successfully advised a Noteholder Committee on the successful restructuring of USD200 million 7.99 per cent senior notes issued by Knight Castle Investments Limited and guaranteed by Shandong Sanxing Group Company Ltd. The restructuring was sanctioned by the Eastern Caribbean Supreme Court in the British Virgin Islands on October 1, 2024.

The restructuring, supported by an overwhelming majority of noteholders, was implemented through a BVI scheme of arrangement. This significant milestone demonstrates Dechert’s ability to efficiently structure and implement solutions that safeguard stakeholder interests. The restructuring extends the maturity of the Issuer’s offshore debt by five years, providing a sustainable capital structure to stabilise the business and protect value for all stakeholders.

Dechert’s multidisciplinary team, was led by partner Daniel Margulies who leads Dechert’s Asia restructuring practice along with counsels Dirk Behnsen and Zhao Yang.

Commenting on this result, Daniel Margulies said: “This transaction underscores our commitment to delivering swift and effective restructuring strategies for clients, reinforcing our market-leading position in Asia for complex cross-border restructurings. The team guided the Noteholder Committee through each phase of the restructuring, addressing complex legal and commercial challenges to deliver innovative, client-focused solutions.”