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Global offshore law firm Harneys has won two IFLR Asia Deal of the Year Awards for its work on the Kaisa restructuring and Studio City's senior secured notes offering and revolving credit facility.
The Kaisa Group Holdings Ltd US$2.5 billion restructuring is arguably the largest judicially approved, multi-jurisdictional debt restructuring of a China-based group, and won IFLR’s Restructuring Deal of the Year. The Harneys team was led by partners Ian Mann and Chai Ridgers, both based in Hong Kong, and Jayson Wood, Litigation and Restructuring Partner in the firm’s Cayman Islands office. The restructuring involved 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.
The Studio City Company Limited offering was one of the largest high yield corporate bonds in Asia for 2016 and won IFLR’s High Yield Deal of the Year. Harneys advised the hotel and casino resort on its Senior Secured Notes Offering and Super Senior Revolving Credit Facility, which was executed on a highly accelerated timetable, involved complex intercreditor and security interest arrangements, and was one of the first corporate pari bank-bond transactions with a super senior revolving credit facility in the region. Harneys lawyers Paul Sephton (partner) and Sharon Cong (associate) advised on BVI and Cayman Islands law aspects of the transaction.
Jonathan Culshaw, Harneys’ Asia Managing Partner, commented: “It has been another strong year for Harneys in Asia and these awards evidence both the size and sophistication of the deals on which we are instructed and also the quality of the service that we provide to clients. Harneys is acting on some of the largest, most significant, precedent-setting work in this region and we are pleased to see this recognised in the market.”
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 IFLR Asia Awards recognise law firms and in-house teams that demonstrate legal innovation in deals. Award winners are selected annually based on client and market feedback.
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