Clifford Chance
Sino-Ocean's restructuring: reinforcing the use of parallel restructuring proceedings
12 February 2025
On 3 February 2025, the English High Court sanctioned a restructuring plan proposed by Sino-Ocean Group Holding Limited ("Sino-Ocean") despite opposition from a bondholder aggrieved by the fact that the plan provided for existing shareholders to retain more than 50% of the Group's equity.
The sanction hearing took place over three days, with the decision providing important guidance on the scope and extent of the cross-class cram down mechanism and Court's approach to fairness. The restructuring also provides another example of parallel processes being used by a Hong Kong debtor to restructure their English and Hong Kong law obligations.
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