Kirkland & Ellis advised Yestar Healthcare Holdings Company Limited (HKSE: 2393), on a successful restructuring of its New York law governed $200 million senior notes (the Notes).
Yestar is incorporated in the Cayman Islands and one of the largest distributors and service providers of in vitro diagnostic products in the PRC. The restructuring was implemented by way of a scheme of arrangement (the Scheme) in the Cayman Islands. Holders representing 95.8% of the outstanding principal amount of the Notes attended the scheme meeting on December 3, 2021, of which, 100% voted in favor of the Scheme. The Grand Court of the Cayman Islands sanctioned the Scheme on December 10, 2021.
Kirkland successfully assisted Yestar in obtaining the Cayman sanction order in around two months after launching the restructuring support agreement on October 6, 2021, an extraordinarily rapid timetable for a transaction of this nature. This transaction marked another Kirkland’s successful in-court restructuring of Chinese offshore USD notes following China Singyes Solar (now China Shuifa Singyes Energy) and Rock International.
The Kirkland team was led by restructuring partners Neil McDonald, Jacqueline Wenchen Tang and Hannah Crawford, with assistance from associates Zoey Zhang and Leeann Chen and transaction manager Willa Wang. Debt finance partner Jacqueline Zheng and capital markets partner Louis Rabinowitz, supported by debt finance associate Anthony Chan and legal manager Charlotte Tang, provided debt capital and credit advice for this matter.