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The High Court has handed down judgment approved the restructuring plan of Sino-Ocean, a major Chinese property developer. The judgment deals with important issues as to the restructuring plan jurisdiction including artificiality in class creation, and the identification of the relevant alternative where this is said to be a different transaction.
The restructuring of Sino-Ocean is taking place using a UK restructuring plan under Part 26A of the Companies Act, alongside a parallel scheme of arrangement in Hong Kong. The case highlights the flexibility and international reach of the Part 26A restructuring plan and the use of the cross-class cramdown power, including working in conjunction with other procedures. The case is the first example of a UK restructuring plan being used to restructure a Chinese state-owed enterprise.
Tom Smith KC, Ryan Perkins and Annabelle Wang acted for the Plan Company. David Allison KC acted for the Co-Com of Bank Lenders. Mark Arnold KC and Henry Phillips acted for the objecting creditor, Long Corridor.
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