China Practice — Bankruptcy

Our China Team lawyers were members of the first foreign law firm to open offices in Hong Kong and China. Consequently, our China lawyers handled many of the first transactions in key areas of business law. For example we handled the first judicial liquidation of a Chinese joint venture and provided advice to the Legislative Drafting Committee of the National People's Congress on China's Bankruptcy Law. Additional examples of the team's experience in bankruptcy liquidation, restructuring and enforcement include representing:

• Stora Enso Oyj, the world's largest paper and pulp producer, in the acquisition of a minority interest in a paper and pulp company in Suzhou, and the subsequent restructuring, buyout of the minority and second restructuring of the target entity.
• Korean Deposit Insurance Corporation and the Resolution and Finance Corporation on legal actions and strategies to enforce security, recover assets and pursue remedies against defaulting borrowers in Hong Kong and China.
• Holiday Inn Hotel Management Company in the bankruptcy of the Guilin Garden Hotel.
• A Japanese creditor group in the bankruptcy of GITIC (Guangdong International Trust and Investment Corporation), the largest bankruptcy in China of a state-owned enterprise.
• Numerous liquidations under the special provisions relating to foreign investment enterprises of numerous PRC companies, including Perkins Elmer Beijing, Addidas Beijing, Island Creek (China) Coal Co., Ltd. and Chevron Texaco Coal Gasification Co., Ltd.
• A syndicate of U.S. institutional investors in the restructuring and enforcement of collateral and other rights relating to a series of toll roads around Beijing, including the enforcement of offshore shares in Cayman Islands special purpose companies and onshore enforcement of security.
• One of Korea's largest chemical companies in the restructuring and disposition of a large-scale petrochemical facility in Shandong.
• Several major Chinese petrochemical and chemical industry companies, including Shanghai Petrochemical Company, Jilin Chemical Company and Beijing Yanhua Petrochemical Company, in the restructuring and listing of their securities on international stock markets outside of China.
• Corporación IMPSA S.A. and Industrias Metalúrgicas Pescarmona S.A. in the restructuring, acquisition and divestiture of the Caliraya-Botocan-Kalayaan Power Complex in Laguna, Philippines. (The transaction was selected as an "M&A Deal of the Year" by Asian-Counsel in 2006 and was described in the International Financial Law Review as "a remarkable case study in divestiture strategy.")
• Sumitomo Corporation on the acquisition and restructuring of the 2 x 660 MW Tanjung Jati B power station in Java, Indonesia.
• The "London Club" of more than 60 commercial banks in successive restructurings of four separate "jumbo loans" of more than $1.5 billion of U.S. dollar- and yen-denominated sovereign debt extended to the Republic of Indonesia.

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