Kirkland Advises Noteholders on CIFI Holdings’ Successful US$8.1 Billion Restructuring
Kirkland & Ellis advised an ad hoc group of offshore noteholders on the successful restructuring of approximately USD8.1 billion offshore liabilities of CIFI Holdings (Group) Co. Ltd. (HKEX: 0884), a leading property developer in the PRC.
The restructuring closed on December 29, 2025, following a three-year negotiation process that commenced in late 2022 and culminated in the sanction of a scheme of arrangement by the Hong Kong Court.
Widely regarded as one of the largest and most complex real estate restructurings in Asia, the deal involved a suite of implementation mechanisms – including a Hong Kong scheme of arrangement and parallel consent solicitations – to restructure CIFI's offshore loan facilities, senior notes, convertible bonds, and perpetual securities.
The Kirkland team included restructuring lawyers Neil McDonald, Wei-Yang Lim, Zhao Wang Teo and Yvette Zhou; litigation lawyer Kevin Leung; capital markets lawyers Cedric Van den Borren, Rohan Sahai and Connor Anear; debt finance lawyers Sean Zhang, Johnson Man and Rachel Naylor; and derivatives lawyer Scott Gordon.
