Perun Consultants obtains scheme approval of Helenbergh China Holdings Limited

Founder and Managing Director Gwynn Hopkins, along with Connie Lau, Managing Director and Head of Greater China, act as the Scheme Administrators for Chinese real estate group Helenbergh China Holdings Limited, successfully obtaining scheme approval.

The Hong Kong High Court sanctioned the debt restructuring scheme after considering one creditor group's opposition, citing inadequate financial information and increased risk of repayment failure. The group argued that the scheme's proposal to repay separate note classes at different times was an unfair departure from the pari passu principle.

Madame Justice Linda Chan concluded that a majority of the creditors, being professional investors who were made sufficiently aware of the uncertainties and risks associated with the restructuring and different maturity dates, supported the scheme. As such, it was not for the Court to override their informed commercial decision.

Perun’s senior team assisted the Company and its agents throughout the scheme process, working through multiple revisions of the scheme, while engaging with different creditor classes to ensure timely submission and majority approval of the scheme. The successful sanction is a result of the team’s long-standing experience dealing with complex financial restructurings and appointments for offshore companies with significant operations in Hong Kong and China.

If you have questions or need assistance, please feel free to contact any of our Perun team members.