Ogier's work on the successful restructuring of Mongolian Mining Corporation has been recognised after the deal was named Restructuring Deal of the Year at the IFLR Asian Awards 2018 last night.
The award is the second time in less than five months that Ogier has been recognised by IFLR for restructuring work – in October, the Adeem restructuring, on which an Ogier team led by partner Bruce MacNeil advised, won the Restructuring Deal of the Year at IFLR's Middle East Award.
Ogier's Hong Kong-based partners Oliver Payne and Anthony Oakes, supported by Cayman-based managing associate William Jones, advised on the Cayman law aspects of the matter.
Mongolian Mining Corporation is a Cayman incorporated, Hong Kong Stock Exchange listed, coking coal producer and exporter operating in Mongolia, and the deal involved restructuring US$760 million in offshore domiciled debt.
The restructuring was effected by way of a Cayman Islands provisional liquidation of Mongolian Mining, and parallel schemes of arrangement under the laws of the Cayman Islands and Hong Kong.
Anthony said: "This was a significant restructuring that required engagement from our contentious and non-contentious restructuring specialists from both our Asian and Caribbean teams.
"These matters can be very complicated, and having the capacity to deliver specialist advice across timezones was crucial from the client's point of view."
Ogier was also nominated in the high yield deal of the year category for its work on the Xinhu Zhongbao US$700 million senior notes issue.
Ogier acted as BVI legal counsel to Xinhu (BVI) Holding Company Limited on its US$700 million 6.00% guaranteed senior notes issuance due 2020, which is guaranteed by Xinhu Zhongbao Co., Ltd.