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Admiralty Harbour is a credit-focused financial services firm based in Hong Kong.
Admiralty Harbour Capital Advises on Restructuring of Tsinghua Unigroup's Keepwell Bonds
Feb 2026
On 27 February 2026, Tsinghua Unigroup completed a settlement of its c.USD $450 million Keepwell Bonds previously issued by an offshore subsidiary with the benefit of a keepwell agreement from Unigroup. Holders of the Keepwell Bonds received a discounted cash payment in exchange for their bonds.

The status and entitlements of the Keepwell Bonds, which formed a part of Unigroup’s now-liquidated offshore bond issuance complex, were left unresolved in Unigroup’s 2022 PRC bankruptcy process. The transaction was agreed following extensive negotiations among the keepwell bondholders, competing creditors, and the liquidators of several of the offshore bonds issuers.

The transaction represents a rare commercial solution for instruments whose legal status and distribution rights in the PRC insolvency proceedings remain unclear, and puts an end to a multi-year litigation process related to the keepwell claim.

Admiralty Harbour acted as Unigroup’s sole restructuring financial adviser for this transaction.