Feb 2026
Conyers advised Tsinghua Unigroup Co. Ltd. (“TUC”) on the successful restructuring of US$449.2 million in bonds, issued by Unigroup International Holdings Ltd., guaranteed by Tsinghua Unigroup International Co. Ltd. and backed by a keepwell deed provided by TUC. The restructuring brought an end to a longstanding dispute in relation to the keepwell bonds in multiple jurisdictions.
The restructuring was implemented through a consent solicitation by which bondholders received a discounted cash payment in exchange for their bonds, plus a consent fee to consenting bondholders. The restructuring was sanctioned by the BVI Court on 25 November 2025 and became effective on 27 February 2026.
Conyers has advised TUC since 2021, providing advice in all aspects of the restructuring. Freshfields, led by Bing Guan, acted as international counsel to TUC.
Hong Kong Partner Norman Hau and Senior Associate Manwa Yip advised on the matter working alongside Freshfields.