Maples Group Advises Sunac on Landmark US$10.2 Billion Debt Restructuring

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Maples and Calder, the Maples Group's law firm, is pleased to have advised Sunac China Holdings Ltd ("Sunac") on the successful restructuring of its US$10.2 billion offshore debt, representing the largest debt restructuring by a People's Republic of China ("PRC") real estate company completed to date. 

Sunac is one of China’s largest property developers incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange. The company will issue new notes and convertible bonds to creditors as part of its debt restructuring plan. 

A multi-jurisdictional team of lawyers based in the Group's Hong Kong, Cayman Islands and British Virgin Islands ("BVI") offices acted as Cayman Islands and BVI counsel to Sunac, and was led by Hong Kong Partner Nick Stern, Cayman Islands Partners Nick Herrod and Christian La Roda Thomas, and BVI Partner Matthew Freeman. Sidley Austin LLP acted as international counsel to Sunac.

Nick Stern commented, "We are delighted to have supported Sunac on this landmark deal. This highly complex transaction demonstrates our unparalleled multi-jurisdictional and multi-disciplinary expertise. We extend our congratulations to Sunac on the successful restructuring."   

Maples and Calder has a market leading Global Dispute Resolution & Insolvency practice and continues to act as offshore counsel on a number of the largest and most complex PRC real estate debt restructurings including the US$30 billion restructuring of China Evergrande Group. In 2022, The firm acted for either the debtor company or the creditors in relation to the three Cayman Islands schemes of arrangement that were implemented by PRC real estate companies in 2022.