Modern Land assisted by Kirkland & Ellis, Sidley Austin
Modern Land's USD1.34 billion in offshore senior notes were restructured with the help of Kirkland & Ellis and Sidley Austin, opening the door for debt forgiveness and the issue of new notes.
Modern Land's debt was restructured via a Cayman Islands plan of arrangement, which was concurrently recognized under Chapter 15 of the US Bankruptcy Code.
Real estate Company, Modern Land received advice from Sidley Austin, with partners Carrie Li, Mark Knight, and Raymond Oh leading the team.
Partner Anthony Grossi at the US office and partners Jifree Cader and Gordon Davidson from the London and Hong Kong offices, respectively, provided assistance in the company restructuring.
Partners Olivia Ngan and Desmond Ang provided advice on various topics, while senior consultant Leonard Lou, who works in the Beijing and Hong Kong offices, aided with capital markets-related problems.
The Kirkland & Ellis restructuring team, led by partners Neil McDonald and Jacqueline Tang, provided assistance to the bondholders committee. Louis Rabinowitz, a partner in capital markets, provided advice on debt capital issues.
Modern Land would no longer experience debt defaults totalling USD1.5 billion as of October 2021, thanks to the restructuring.
The bondholders agreed to rearrange USD1.34 billion in outstanding principle as well as all accrued and unpaid interest up till the restructuring's starting date. The USD23 million cash redemption and the issuing of new notes in five tranches to replace the old notes make up the restructuring consideration.
The new notes will be published on the Singapore Stock Exchange, and the current notes will be cancelled. Five USD notes with maturity dates of 2023, 2025, 2026, and 2027 have been dispensed.
A similar situation was addressed by Kirkland & Ellis six months before when the business assisted bondholders in completing the debt restructuring of Golden Wheel Tiandi, a mainland Chinese real estate company that is listed on the Hong Kong Stock Exchange.