Ogier advises Golden Wheel Tiandi on landmark US$507 million debt restructuring

Ogier has acted as BVI and Cayman Islands counsel to Golden Wheel Tiandi on the restructuring of approximately US$507 million in aggregate principal amount of its debt (the restructuring).

Golden Wheel Tiandi Holdings Company Limited (Golden Wheel Tiandi) is a Hong Kong-listed integrated commercial and residential property developer, owner and operator with activities primarily in the PRC and Hong Kong. The restructuring, which is closed in late June, related to the group’s offshore indebtedness and was implemented by way of a Hong Kong court-approved scheme of arrangement.
 
The restructuring involved, among other things, the compromise of the group’s existing notes, the issuance of new notes by a freshly incorporated BVI SPV – a wholly owned subsidiary of the group – and the issue of new ordinary shares in Golden Wheel to scheme creditors. The security for the new notes includes three commercial properties in Nanjing, thereby ring-fencing the restructured debt from Golden Wheel’s wider listed group.
 
The transaction demonstrates the continued importance of coordinated cross-border advice in complex restructurings involving offshore entities and financing structures. It also reflects the ongoing use of restructuring solutions by Chinese real estate developers seeking to stabilise their capital structures amid challenging market conditions.

The Ogier team was led by partner Yuki Yan, with support from the head of Ogier's finance practice in Asia, Anthony Oakes, senior legal manager Joanna Ng and paralegal Dahong Shen.

Ogier advised on the BVI and Cayman law aspects of the restructuring, working alongside the company’s professional advisers and onshore counsel, Zhong Lun Law Firm LLP. 
 
Yuki said: “We are pleased to have supported Golden Wheel on this important restructuring. This transaction reflects Ogier’s strong offshore restructuring capabilities and our ability to provide practical, coordinated advice on complex and time-sensitive cross-border matters."

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