Hugh Anderson
Partner
Cayman Islands
Congratulations to everyone involved in the following winning deals:
Liquidation, bankruptcy and restructuring - Aoyuan’s offshore debt restructuring
The restructuring was implemented on 20 March 2024 through two parallel and inter-conditional schemes of arrangements in respect of China Aoyuan Group Limited ("China Aoyuan") in Hong Kong and the Cayman Islands") and two parallel and inter-conditional schemes of arrangements in respect of Add Hero Holdings Limited ("Add Hero") in Hong Kong and the British Virgin Islands. This marks the completion of one of the first offshore restructurings of a Hong Kong listed Chinese real estate developer.
The teams, led by partners Shirleen Tan, supported by senior associate Charisa Yeung; and partners Richard Siddle and Tom Pugh with support from Counsel Michaela Lam, advised the AHG and the CoCom on all the Cayman Islands and BVI law aspects of this transaction.
Private equity / venture capital - Trustar Capital's closing of Fund V
Walkers acted as Cayman Islands counsel to Trustar Capital on the formation, launch and successful subsequent closings of Trustar Capital Partners V, L.P. (“Fund V”). Trustar Capital is seeking $3.2-3.8 billion for Fund V. Established in 2002, Trustar Capital is a leading private equity firm focused on China buyouts. The matter was also important as it comes at an uncertain time for China fundraising amid concerns about geopolitics, uncertain exit prospects, and slowing economic growth.
The team, led by partner John Cartwright and supported by associate Cynthia Lui, collaborated with lead counsel to Trustar Capital, Gibson, Dunn & Crutcher LLP, on this deal.
Private equity / venture capital - McDonald’s China stake sales
Walkers has acted as Cayman Islands and BVI counsel to Trustar Capital, private equity affiliate of CITIC Capital Holdings Limited (CITIC Capital), on a series of transactions involving its portfolio investment, McDonald’s mainland China, Hong Kong, and Macau businesses (McDonald’s China).
The team worked alongside lead counsel Gibson, Dunn & Crutcher LLP and the Trustar Capital legal and compliance team led by Emily Chiu, was led by partner John Cartwright, with support from associates Cynthia Lui, Flora Lo and senior paralegal Lirann Tse.
Cross-border dispute resolution - Cayman court upholds injunction in aid of HKIAC, CIETAC arbitrations
The clients are: (1) Leed Education Holding Limited; (2) National Education Holding Limited; and (3) Hyde Education Holding Limited (the "Plaintiffs").
Our team successfully obtained an injunction in support of a PRC arbitration from the Cayman Grand Court to restrain the Defendants from enforcing a series of share charges which secured the indebtedness of the Plaintiffs in the amount of over RMB 400 million under the Loan Agreements. This is the first published decision of the Cayman Court to exercise its jurisdiction to grant such relief under section 54 of the Arbitration Act and identifies an important tool available to parties seeking to protect their positions quickly and efficiently with the use of the Cayman Islands jurisdiction.
In March 2024, Walkers defended an appeal to the Cayman Islands Court of Appeal, which was the first appellate decision to examine the scope of the Grand Court's jurisdiction to grant interim relief in aid of foreign arbitration, notwithstanding the availability of emergency arbitration as an alternative avenue for relief.
The team was led by partners John Crook, Victoria Raymond and Nick Dunne and supported by Christina Lo and Rebecca Moseley.
Reference: https://www.walkersglobal.com/en/Insights/2024/04/Walkers-acts-for-successful-Respondents
M&A - Nuvation Bio acquisition of AnHeart Therapeutics
Walkers acted as Cayman Islands counsel to AnHeart Therapeutics, a global clinical-stage biopharmaceutical company developing novel precision therapies for people with cancer, during its merger with Nuvation Bio.
Immediately following the closing of the acquisition, the former shareholders of AnHeart will own approximately 33% and the current stockholders of Nuvation Bio will own approximately 67% of Nuvation Bio on a fully diluted basis. This acquisition is excepted to close in the second quarter of 2024.
The team was led by partner, Hugh Anderson; senior counsel, Michael Beck; and associate Samuel Buchan. Davis Polk & Wardwell LLP acted as lead U.S legal counsel.
