Dechert advises Yestar Group on restructuring and scheme of arrangement

Dechert has advised Yestar Healthcare Holdings Company Limited, a leading distributor and service provider of in vitro diagnostic products in the PRC, on its successful restructuring of its New York law governed USD200 million senior notes (the Notes).

The consensual restructuring, supported by an overwhelming majority of holders of the Notes and sanctioned by the Cayman court on February 28, 2024, was implemented by way of a Cayman Islands scheme of arrangement (the Scheme). The sanction of the Scheme is a material milestone for Yestar and demonstrates Dechert’s ability to swiftly and efficiently structure, agree and implement solutions to preserve Yestar’s business operations.

The Dechert multidisciplinary and cross-border team was led by Hong Kong resident partner Daniel Margulies, counsels Dirk Behnsen, Zhao Yang and associate Siobhan Leung. The wider team included New York based partner Shmuel Vasser and counsel Stephen Wolpert.

Commenting on this achievement, Daniel Margulies said, “We are delighted to have acted as international lead counsel to Yestar to deliver this resounding success. It showcases Dechert’s expertise across regions to formulate and execute on a restructuring deal that benefits all key stakeholders. We also would like to extend our congratulations to the Yestar team, and to thank them once again for entrusting us with this matter.”