Freshfields advises Tsinghua Unigroup on the successful restructuring of its US$449.2m keepwell bonds

Global law firm Freshfields has advised Tsinghua Unigroup Co. Ltd. (“TUC”) on the successful restructuring of its US$449.2m 6% keepwell bonds due 2020, issued by Unigroup International Holdings Ltd. (“UIH”) and guaranteed by Tsinghua Unigroup International Co. Ltd. (“TUI”). The restructuring effective date is 27 February 2026. Freshfields has been advising TUC on this complex, multi‑year restructuring process since 2020, reflecting the firm’s long‑standing and sustained experience in handling complex financial instruments.

The matter involved a landmark litigation case in relation to US$450m of so-called keepwell bonds, and related BVI court proceedings in connection with the appointment of “light touch” provisional liquidators. Freshfields advised TUC across all aspects of the restructuring efforts, the “light touch” provisional liquidation process, Hong Kong litigation as well as other claims advanced in the BVI liquidation.

On the restructuring effective date, a global settlement deed was executed by UIH, TUI and TUC, the trustee of the keepwell bonds and other relevant parties, pursuant to which all relevant claims in connection with the keepwell bonds have been waived, discharged and released in accordance with the terms of the deed.

The Freshfields team was led by partner Bing Guan with support from partners John Choong and Dan Anderson, counsel Yong Wei Chan, senior associates Nancy Mu, Niklas Wong and Pauline Peng, and associate Arthur Law.