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Harneys wins two Asian-Mena Counsel Deal of the Year Awards in Asia

1 May 2017

Global offshore law firm Harneys has won two Asian-Mena Counsel Deal of the Year Awards for its work on the Kaisa restructuring and the $1.5 billion Pacific Andes liquidation.

Harneys acted for Kaisa Group Holdings Ltd in relation to its US$2.5 billion debt restructuring, led by partners Ian Mann, Chai Ridgers and Jayson Wood.  The restructuring is arguably the largest judicially approved, multi-jurisdictional debt restructuring of a China-based group, with schemes of arrangement sanctioned by the Grand Court of the Cayman Islands and the High Court of Hong Kong, together with an application under Chapter 15 of the US Bankruptcy Code for recognition of the Hong Kong scheme.

Harneys advised on the Pacific Andes Resources Development restructuring, acting for the creditors in connection with Cayman, Bermuda and BVI proceedings. The Harneys team was comprised of partners Ian Mann, Joanne Verbiesen, Chai Ridgers, Andrew Thorp, Lilla Zuill, Jayson Wood, and counsel Peter Ferrer. Pacific Andes International Holdings Limited is the parent company of a large and complex corporate group that harvests, sources, transports, processes and distributes seafood, fish oil and fishmeal. The group is financially troubled, having been unable to meet certain obligations to its lenders since 2014, leading major creditors to either file for or support various group entities being put into insolvency proceedings with independent oversight.

Ian Mann, Head of Harneys’ Litigation and Restructuring Department in Hong Kong, commented: “We are delighted to receive these awards which recognise the sterling work our team has put into its practice over the past year. These deals are typical examples of the highly complex and novel cases we are regularly instructed to work on, and their outcomes representative of the wrought-iron commitment our team has to achieving the best possible outcome for our clients.”

Harneys in Hong Kong is known for its advice on a number of high profile transactions. In recent years, the firm has grown to become one of the largest offshore firms in Hong Kong, and combined with its Singapore, Tokyo and Shanghai offices, has a strong presence in Asia. The Asian-Mena Counsel awards identify the biggest and most important commercial legal matters and celebrate achievement, excellence and innovation in the legal profession.