Reed Smith acted for a subsidiary of Shuifa Group as the whiteknight in taking over a financially distressed company, namely China Singyes Solar Technologies Holdings Limited (“China Singyes”), an HKSE-listed energy company. The rescue plan entailed the subscription of approximately 66.92% shares in China Singyes by Shuifa for a consideration of HK$1.55 billion and schemes of arrangement in Hong Kong and Bermuda to restructure, primarily, the RMB-denominated 5% convertible bonds, the USD denominated 6.75% senior notes and the USD denominated 7.95% senior notes issued by China Singyes. The debt restructuring is one of the conditions precedents of the share subscription and Reed Smith advised Shuifa on the overall implication of the debt restructuring in the context of the share subscription.
Reed Smith’s Beijing and Hong Kong corporate team partners led the deal: Delpha Ho, Zhang Ke(CRL), Michael Fosh, Angel Ng, Chris Tang, other team members included Crystal Li, Lucy Qin and Yinglei Yang.
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