Neil McDonald

Partner Restructuring
Kirkland & Ellis

Hong Kong +852 3761 9111

Neil McDonald

Overview

Global Elite Thought Leader Neil McDonald wins overwhelming praise from market players... He impresses across a number of areas of expertise, including corporate turnarounds and distressed acquisitions." "The top lawyer in Hong Kong" and a "highly impressive figure in the market."

- Who’s Who Legal

Neil McDonald comes to the aid of large global companies in financial distress. Bringing years of experience, a broad knowledge base and polished strategic skills, Neil advises on an expansive range of issues that arise in the restructuring and insolvency of troubled companies. Neil also advises financial institutions, insolvency appointment holders, turnaround management firms and hedge funds in respect of distressed situations. This includes helping clients source and maximize lucrative opportunities that manifest from financial distress. 

Apart from his work in the distressed world, Neil is a market leader when it comes to assisting private equity firms involved in tricky portfolio entanglements in emerging markets. He is known for engineering creative and pragmatic “exit solutions” for private equity clients who have investments that are in trouble.  

Recognized as a leading lawyer for restructuring and insolvency by The Legal 500 Asia Pacific, Chambers Asia-Pacific, Chambers Greater China, IFLR1000 and PLC Which Lawyer? guide book, Neil leads the firm’s restructuring practice in Asia.

As a trusted advisor who’s frequently brought in as “war counsel” in a crisis, Neil knows he must make difficult choices under great pressure — a role he embraces. A big believer in straightforward recommendations in tough situations, he strives for clarity and decisiveness and rejects fence-sitting approaches. According to Chambers & Partners, clients described Neil as “the top leader on most high-profile work”, “one of the best contact books in the region” and “extremely able and brings the entire firm’s resources to bear on a particular project.” He is “very well regarded – the first person to turn to,” “a dream lawyer to work with” and is “head and shoulders the most experienced liquidation lawyer in town." Clients also named Neil as “one of the best-known lawyers in restructuring in Asia” and “the best-trusted adviser in Hong Kong for restructuring , distress and crisis management.” A client commented that he has “the necessary experience” and helps “to navigate, finds a way through, with a minimum of pain.”

Neil’s international investor clients turn to him for common-sense advice on investments and a proper assessment of the risks involved, particularly in the often-chaotic environment of emerging markets. His clients rely on him to manage and guide them through their most difficult journeys: often matters that can cause severe reputational damage to a company if not handled quickly and with great care. Businesses know that Neil has the ability to right their ship in critical situations and help solve problems that they can’t solve themselves.

With a well-earned a reputation as a tenacious advocate, Neil prides himself on his 24/7 responsiveness and his refusal to never back down from a fight. At the same time, he’s known as a hopeful, upbeat person with a good sense of humor and the capability of showing clients that — even in the most stressful situations — there is almost always a positive outcome within reach. 

Neil has advised on the following matters:

  • Advising an ad hoc committee of offshore bondholders in a restructuring of over US$19 billion offshore bonds issued by China Evergrande Group and its subsidiaries. This transaction was named “Deals of the Year 2022” by China Business Law Journal
  • Advising an ad hoc committee of offshore bondholders in a restructuring of around US$4 billion offshore bonds issued by Fantasia Holdings Group Co., Limited
  • Advising an ad hoc committee of offshore bondholders in a restructuring of around US$4.6 billion offshore bonds and perpetual securities issued by CIFI Holdings (Group) Co. Ltd.
  • Advising an ad hoc committee of offshore bondholders in a restructuring of around US$5.8 billion offshore bonds and perpetual securities issued by Yuzhou Group Holdings Company Limited
  • Advising the ad hoc committee of noteholders in a successful restructuring of US$450 million senior notes issued by Golden Wheel Tiandi Holdings Company Limited (HKSE: 1232). The group principally engages in property development in the PRC. The restructuring was implemented through a scheme of arrangement in the Cayman Islands
  • Advising the ad hoc committee of noteholders in a successful restructuring of US$1.3 billion senior notes issued by Modern Land (China) Co., Limited (HKSE: 1107). The group principally engages in property development in the PRC. This restructuring was implemented through a scheme of arrangement in the Cayman Islands and the scheme was recognized as a main proceeding under Chapter 15 of the U.S. Bankruptcy Code. This transaction was named “Deals of the Year 2022” by China Business Law Journal
  • Advising Yestar Healthcare Holdings Company Limited (HKEx stock code: 2393) in the restructuring of its New York law governed US$200 million senior notes through a scheme of arrangement in the Cayman Islands 
  • Advising China Singyes Solar in restructuring of its total US$425 million senior notes due 2018 and 2019 respectively
  • Advising Asian based global commodities giant, Noble Group Limited on its multi-billion dollar global restructuring. Noble is a truly global company, incorporated in Bermuda, listed on the Singapore Stock Exchange and conducting trading operations throughout the world. Noble is the largest restructuring that Asia has seen in recent times. The breadth of Noble’s trading operations and the geographical diversity of its businesses has made this a truly global restructuring. Neil has led a multi-jurisdictional team including lawyers in Hong Kong, Singapore, the United Kingdom, the USA and Bermuda. This transaction was named “Restructuring Deal of the Year” by IFLR Asia-Pacific Awards 2019 and “Finance Deal of the Year: Insolvency and Restructuring” by The Asia Legal Awards 2019
  • Advising Singapore based semi-conductor company United Test and Assembly Center Limited (UTAC) on the restructuring of notes issued by its subsidiary - Global A&T Electronics Ltd (GATE). On 17 December 2017, GATE commenced voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, White Plains Division, to seek confirmation of its pre-packaged plan of reorganization. The pre-packaged plan was confirmed by the court on 21 December 2017 and further affirmed on 3 January 2018. The plan took effect on 12 January 2018. The restructuring of the notes reduced the GATE group’s annual debt service obligations by approximately 50%. Neil led the team from Hong Kong whilst working closely with colleagues in the USA
  • Advising the ad hoc Steering Committee of bondholders of Kaisa Holdings (HKEx stock code: 1638) in relation to Kaisa’s outstanding US$2.5 billion of defaulted bonds. The restructuring of Kaisa has been the most prominent recent default and restructuring of a PRC based real estate developer. With a series of high yield notes, convertible bonds and significant “onshore” PRC debt, this was a large and complex restructuring of a PRC based company
  • Advising the Steering Committee of bondholders in relation to defaults of US$1.8 billion of bonds issued by Sino-Forest Corporation, and in relation to the subsequent debt for equity swap achieved through a Canadian CCAA bankruptcy filing. This subsequently involved advising the post restructuring business owner - Emerald Plantation Holdings Limited, in its sale of the entire issued share capital of Emerald Plantation Group Limited, which holds a substantial portion of assets and subsidiaries of Sino-Forest Corporation (following the implementation of the CCAA Plan of Compromise and Reorganization on 30 January 2013 as approved by the Ontario Superior Court of Justice on 10 December 2012), to New Plantations Limited for a consideration of about US$230 million. Neil continues to advise the restructured Emerald Plantation Group in relation to post-restructuring recoveries
  • Advising an ad hoc group of holders of convertible bonds issued by Paladin Energy Limited, an ASX listed mining company, in connection with the restructuring of their investment
  • Advising the bondholder group in relation to potential defaults under the US$300 million notes issued by CFG Investment S.A.C. and the winding up proceedings commenced against China Fishery Group Limited
  • Advising Lehman Brothers Holdings Inc. in connection with a scheme of arrangement by its Hong Kong subsidiary, Lehman Brothers Asia Holdings Limited
  • Advising Studio City in connection with amendments to and the refinancing of its US$1.4 billion senior secured term loan and revolving facilities
  • Advising an ad hoc group of senior noteholders in respect of the 2016 and 2017 senior notes issued by Bumi Resources which have a combined value of US$1 billion
  • Advising the liquidators of Titan Group Investment Limited in relation to the sale of assets for value in excess of US$300 million
  • Advising the senior lenders led by Rabobank and RBS in respect of the restructuring of Asia Timber Products Company Limited’s onshore and offshore debt liabilities
  • Advising the Noteholder Steering Committee on defaults under US$200 million Secured Convertible Notes issued by Skyfame Realty (Holdings) Limited, including restoration of securities and the restructuring of debt obligations under the Notes
  • Advising the Agent and Security Trustee in respect of the enforcement of rights in relation to Rightway China Real Estate Limited’s US$600 million onshore and offshore debt liabilities and the appointment of receivers
  • Advising the founding shareholders of GOME Electrical Appliances Holding Limited in relation to their shareholder rights
  • Advising a number of financial institutions in relation to the collapse of Lehman Brothers
  • Advising a major commercial bank in respect of its exposure to a multi-billion dollar commodities and trade finance fraud centered in Qingdao in China

More

Recognition

Band 1 in Restructuring / Insolvency (International Firms) - China, Chambers Greater China, (2022–2023)

“Hall of Fame,” Restructuring and Insolvency – Hong Kong, Legal 500 (2021–2023)

“Leading Individual,” Insolvency and Restructuring: Foreign Firms – China, Legal 500 (2021–2023)

“Global Elite Thought Leader,” Restructuring & Insolvency – Hong Kong, Who’s Who Legal (2022–2023)

"Market Leader," Restructuring and Insolvency, IFLR1000 (2018–2023) 

Neil was mentioned in August 2022 issue of Turnarounds & Workouts in which Kirkland was recognized as one of the top Asia-Pacific Restructuring Practices of U.S. Law Firms

“Global Leader,” Asset Recovery and Restructuring & Insolvency, Who's Who Legal (2022)

“National Leader,” Asset Recovery and Restructuring & Insolvency – Mainland China & Hong Kong SAR, Who's Who Legal (2022)

Band 1 in Restructuring / Insolvency (International Firms) – China, Chambers Asia-Pacific (2016–2021)

“Litigation Star,” Insolvency, Benchmark Litigation Asia-Pacific (2021–2022)

“Asia Best Lawyer,” IFLR1000 (2020)

“Leading Individual,” Restructuring and Insolvency - Hong Kong, Legal 500 (2016–2020)

“Dispute Resolution Star,” Insolvency, Benchmark Litigation Asia-Pacific (2019)

“Leading Lawyer,” Restructuring and Insolvency, IFLR1000 (2015–2017)

Credentials

Admissions & Qualifications

  • 2002Hong KongSolicitor

Courts

  • High Court of Hong Kong
  • Supreme Court of Western Australia
  • Supreme Court of New South Wales
  • High Court of Australia

Education

  • University of Western AustraliaLL.B.1991
  • University of Western AustraliaB. Juris.1990