Neil McDonald

Neil has advised on the following matters:

• Advising ad hoc committee of noteholders in a successful restructuring of the New York-law governed US$275 million senior notes issued by Hong Seng Limited and guaranteed by Hong Yang Group Company Limited, the controlling shareholder of Hong Kong-listed companies Redsun Properties Group Limited (HKSE: 1996) and Redsun Services Group Limited (HKSE: 1971)
• Advising a global real estate management and investment fund in connection with the enforcement and restructuring of debts owed by Yang Kee Logistics Pte Ltd (in receivership), the Singapore-headquartered global logistics company. This transaction was named “Impact Case of the Year” by Benchmark Litigation Asia-Pacific 2024
• Advising an ad hoc committee of holders of the offshore notes issued by China Evergrande Group (HKSE: 3333) and its subsidiaries in connection with the restructuring of the offshore indebtedness in excess of US$39.9 billion which was intended to be implemented through inter-conditional schemes of arrangement of China Evergrande Group in Hong Kong and Cayman Islands and inter-conditional schemes of arrangement of Tianji Holding Limited and Scenery Journey Limited in Hong Kong and BVI respectively. This transaction was named “Restructuring and Insolvency Matter of the Year” by ALM 2024
• Advising Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN), a leading manufacturer of premium solar technology based in Singapore, on a comprehensive restructuring of its capital structure and infusion of up to $200 million in new financing in a deal supported by a significant number of the company’s key stakeholders. Per the terms of the transaction, Maxeon’s largest shareholder and secured lender, TCL Zhonghuan Renewable Energy Technology Co. Ltd. (“TZE”) will purchase $97.5 million in new super senior secured convertible notes due in 2027 and make a $100 million equity investment upon receipt of certain regulatory approvals. The holders of the company’s 2025 unsecured convertible notes will exchange their notes into $200 million in new second lien convertible bonds due in 2028, $137.2 million of which must be converted into equity upon TZE's equity investment. The transaction materially reduces the company’s funded debt and provides the company with liquidity for its working capital requirements and strategic investments while remaining a public company
• Advising an ad hoc committee of offshore bondholders in a restructuring of over US$19 billion offshore bonds issued by China Evergrande Group and its subsidiaries. This transaction was named “Deals of the Year 2022” by China Business Law Journal
• Advising an ad hoc committee of offshore bondholders in a restructuring of around US$4 billion offshore bonds issued by Fantasia Holdings Group Co., Limited
• Advising an ad hoc committee of offshore bondholders in a restructuring of around US$4.6 billion offshore bonds and perpetual securities issued by CIFI Holdings (Group) Co. Ltd.
• Advising an ad hoc committee of offshore bondholders in a restructuring of around US$5.8 billion offshore bonds and perpetual securities issued by Yuzhou Group Holdings Company Limited
• Advising the ad hoc committee of noteholders in a successful restructuring of US$450 million senior notes issued by Golden Wheel Tiandi Holdings Company Limited (HKSE: 1232). The group principally engages in property development in the PRC. The restructuring was implemented through a scheme of arrangement in the Cayman Islands
• Advising the ad hoc committee of noteholders in a successful restructuring of US$1.3 billion senior notes issued by Modern Land (China) Co., Limited (HKSE: 1107). The group principally engages in property development in the PRC. This restructuring was implemented through a scheme of arrangement in the Cayman Islands and the scheme was recognized as a main proceeding under Chapter 15 of the U.S. Bankruptcy Code. This transaction was named “Deals of the Year 2022” by China Business Law Journal
• Advising Yestar Healthcare Holdings Company Limited (HKEx stock code: 2393) in the restructuring of its New York law governed US$200 million senior notes through a scheme of arrangement in the Cayman Islands 
• Advising China Singyes Solar in restructuring of its total US$425 million senior notes due 2018 and 2019 respectively. This transaction was named “Finance Deal of the Year: Insolvency and Restructuring” by Asia Legal Awards 2020
• Advising Asian based global commodities giant, Noble Group Limited on its multi-billion dollar global restructuring. Noble is a truly global company, incorporated in Bermuda, listed on the Singapore Stock Exchange and conducting trading operations throughout the world. Noble is the largest restructuring that Asia has seen in recent times. The breadth of Noble’s trading operations and the geographical diversity of its businesses has made this a truly global restructuring. Neil has led a multi-jurisdictional team including lawyers in Hong Kong, Singapore, the United Kingdom, the USA and Bermuda. This transaction was named “Restructuring Deal of the Year” by IFLR Asia-Pacific Awards 2019 and “Finance Deal of the Year: Insolvency and Restructuring” by The Asia Legal Awards 2019
• Advising Singapore based semi-conductor company United Test and Assembly Center Limited (UTAC) on the restructuring of notes issued by its subsidiary - Global A&T Electronics Ltd (GATE). On 17 December 2017, GATE commenced voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, White Plains Division, to seek confirmation of its pre-packaged plan of reorganization. The pre-packaged plan was confirmed by the court on 21 December 2017 and further affirmed on 3 January 2018. The plan took effect on 12 January 2018. The restructuring of the notes reduced the GATE group’s annual debt service obligations by approximately 50%. Neil led the team from Hong Kong whilst working closely with colleagues in the USA
• Advising the ad hoc Steering Committee of bondholders of Kaisa Holdings (HKEx stock code: 1638) in relation to Kaisa’s outstanding US$2.5 billion of defaulted bonds. The restructuring of Kaisa has been the most prominent recent default and restructuring of a PRC based real estate developer. With a series of high yield notes, convertible bonds and significant “onshore” PRC debt, this was a large and complex restructuring of a PRC based company
• Advising the Steering Committee of bondholders in relation to defaults of US$1.8 billion of bonds issued by Sino-Forest Corporation, and in relation to the subsequent debt for equity swap achieved through a Canadian CCAA bankruptcy filing. This subsequently involved advising the post restructuring business owner - Emerald Plantation Holdings Limited, in its sale of the entire issued share capital of Emerald Plantation Group Limited, which holds a substantial portion of assets and subsidiaries of Sino-Forest Corporation (following the implementation of the CCAA Plan of Compromise and Reorganization on 30 January 2013 as approved by the Ontario Superior Court of Justice on 10 December 2012), to New Plantations Limited for a consideration of about US$230 million. Neil continues to advise the restructured Emerald Plantation Group in relation to post-restructuring recoveries
• Advising an ad hoc group of holders of convertible bonds issued by Paladin Energy Limited, an ASX listed mining company, in connection with the restructuring of their investment
• Advising the bondholder group in relation to potential defaults under the US$300 million notes issued by CFG Investment S.A.C. and the winding up proceedings commenced against China Fishery Group Limited
• Advising Lehman Brothers Holdings Inc. in connection with a scheme of arrangement by its Hong Kong subsidiary, Lehman Brothers Asia Holdings Limited
• Advising Studio City in connection with amendments to and the refinancing of its US$1.4 billion senior secured term loan and revolving facilities
• Advising an ad hoc group of senior noteholders in respect of the 2016 and 2017 senior notes issued by Bumi Resources which have a combined value of US$1 billion
• Advising the liquidators of Titan Group Investment Limited in relation to the sale of assets for value in excess of US$300 million
• Advising the senior lenders led by Rabobank and RBS in respect of the restructuring of Asia Timber Products Company Limited’s onshore and offshore debt liabilities
• Advising the Noteholder Steering Committee on defaults under US$200 million Secured Convertible Notes issued by Skyfame Realty (Holdings) Limited, including restoration of securities and the restructuring of debt obligations under the Notes
• Advising the Agent and Security Trustee in respect of the enforcement of rights in relation to Rightway China Real Estate Limited’s US$600 million onshore and offshore debt liabilities and the appointment of receivers
• Advising the founding shareholders of GOME Electrical Appliances Holding Limited in relation to their shareholder rights
• Advising a number of financial institutions in relation to the collapse of Lehman Brothers
• Advising a major commercial bank in respect of its exposure to a multi-billion dollar commodities and trade finance fraud centered in Qingdao in China