Kirkland Advises Noteholders on Yuzhou’s Successful US$6.7 Billion Restructuring

Kirkland & Ellis advised the ad hoc group of noteholders on the successful restructuring of more than USD 6.7 billion offshore liabilities of Yuzhou Group Holdings Company Limited (“Yuzhou”, HKEx: 1628).

The restructuring closed on August 29, 2025, following the sanction of parallel schemes of arrangement by the Grand Court of the Cayman Islands on September 24, 2024 and the High Court of Hong Kong on September 30, 2024. In addition, the transaction also included a Day-1 amendment to the Short Term Note issued as part of the restructuring, implemented through a consent solicitation process conducted prior to the issuance of the note. 

Yuzhou’s three-year offshore restructuring represents one of the largest real estate workouts in Asia and among the most complex, given Yuzhou’s capital structure and the challenging operating environment in China’s property sector. 

This transaction marks another successful representation by Kirkland of noteholders in the offshore debt restructuring of a major PRC real estate developer.