Kirkland Advises Noteholders on Fantasia Holdings’ Successful US$6.8 Billion Restructuring

Kirkland & Ellis advised an ad hoc group of offshore noteholders on the successful restructuring of approximately $6.8 billion offshore liabilities of Fantasia Holdings Group Co., Limited (HKEX: 1777), a leading property developer in the PRC.

The restructuring deployed parallel, inter-conditional schemes of arrangement in Hong Kong and the Cayman Islands, offering creditors multiple recovery options across debt, equity and hybrid instruments, ultimately delivering a flexible recovery architecture and sustainable capital structure for the Group. The schemes were approved by an overwhelming 99.67% by value of voting creditors and sanctioned by the courts on 12 March 2026. The restructuring closed on 30 July 2026.

The team included restructuring lawyers Neil McDonald, Hannah Crawford, Ken Au, Zhao Wang Teo and Yvette Zhou; capital markets lawyers Cedric Van den Borren and Rohan Sahai; debt finance lawyers Edward McCartney, Samin Sekandar and Suki Ng; and litigation lawyer Kevin Leung.