Dechert represented the foreign representative of Hidili Industry International Development Limited ("Hidili") in a chapter 15 case filed with the United States Bankruptcy Court for the Southern District of New York. On July 12, 2022, Hidili successfully secured Chapter 15 recognition of its Hong Kong restructuring scheme in New York.

On January 31, 2022, Hidili commenced a proceeding to sanction a scheme of arrangement (the "Hong Kong Scheme") before the High Court of the Hong Kong Special Administrative Region, Court of First Instance (the "Hong Kong Court") seeking to restructure 8.625% senior notes due 2015 in the originally issued amount of $400 million. The Hong Kong Scheme was approved by an overwhelming majority of creditors and was sanctioned by the Hong Kong Court. On June 10, 2022, the foreign representative of Hidili, represented by Dechert, commenced a case under chapter 15 of the Bankruptcy Code before the United States Bankruptcy Court for the Southern District of New York, seeking recognition and enforcement of the Hong Kong Scheme.

The case was assigned to the Honorable Judge David S. Jones, who entered an order recognizing and enforcing the Hong Kong Scheme in the United States. A cross-border team of New York and Hong Kong-based lawyers, led by New York-based partner Shmuel Vasser, and including Stephen Wolpert (Counsel N.Y.), Isaac Stevens and Allyesha Hall (Associates, N.Y.) and Hong Kong-based partners Stephen Chan and Dan Margulies, and associate Charles Lam, worked on this case.

Hidili, a Cayman Islands company, is an investment holding entity, parent of a number of direct and indirect subsidiaries primarily engage in coal mine production, mining operations, mine development, and the manufacture and sale of clean coal and coke in China. Hidili has been also registered as a non-Hong Kong entity in Hong Kong and its shares are listed on the Main Board of the Stock Exchange of Hong Kong Limited.

About Dechert

Dechert is a leading global law firm with 22 offices around the world. The firm advises on matters and transactions of the greatest complexity, bringing energy, creativity, and efficient management of legal issues to deliver commercial and practical advice for clients.

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