Kirkland & Ellis is advising an ad hoc committee of bondholders (the committee) on the proposed restructuring of New York law governed $1.4 billion senior notes issued by Modern Land (China) Co., Limited (HKSE: 1107), a holding company of certain subsidiaries principally engaged in property development in the PRC.
Kirkland assisted the committee in successfully navigating through negotiations and entering into a restructuring support agreement on February 25, 2022. The proposed restructuring is expected to be implemented through a scheme of arrangement in the Cayman Islands with recognition of the scheme under Chapter 15 of Title 11 of the United States Code at the election of Modern Land.
The Kirkland team is led by restructuring partners Neil McDonald and Jacqueline Wenchen Tang, with assistance from restructuring associates Mabel Koo and Zoey Zhang. The debt capital aspect of this matter is advised by capital markets partner Louis Rabinowitz.