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Admiralty Harbour is a credit-focused financial services firm based in Hong Kong.
Admiralty Harbour Advises on Landmark US$11.5 Billion Offshore Debt Restructuring for Shimao
Jul 2025
On 21 July 2025, Shimao Group Holdings Limited (813.HK) successfully completed the restructuring of approximately US$11.5 billion of its offshore debt through a scheme of arrangement sanctioned by the High Court of Hong Kong. USD denominated notes, syndicated and bilateral bank loans, and other offshore debt including shareholder loans, with total claims of approximately US$14.4 billion were restructured.

The Shimao offshore restructuring was supported by a significant creditor base after discussions held with multiple groups of constituencies, including a coordinated committee of bank lenders and an ad hoc group of noteholders.

The Shimao offshore restructuring is intended to significantly reduce its financial leverage and alleviate its liquidity constrain amid years long secular challenge in the sector. As a result of the transaction and as the company stabilizes its business operations post-restructuring, a total of US$7.8 billion in debt will be reduced from Shimao’s balance sheet.

Admiralty Harbour served as the financial advisor to Shimao in this transaction and led various groups of constituencies to reach a consensual solution.

The transaction is the largest offshore restructuring by a Chinese property developer to date. Admiralty Harbour is pleased to have supported Shimao in achieving this milestone, underscoring our proven ability to deliver practical solutions and manage complex restructurings.

We congratulate Shimao on this important achievement!
 
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