Freshfields advises Tsinghua Unigroup on the successful completion of US$2 Billion guaranteed bond restructuring

Global law firm Freshfields has advised Tsinghua Unigroup Co. Ltd. (“TUC”) on the successful completion of the restructuring of approximately US$2 billion in guaranteed bonds issued by Tsinghua Unic Limited (In Liquidation). The Restructuring Effective Date was designated as 30 July 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 debt restructuring and financial instruments.

The restructuring was implemented through a Scheme of Arrangement under section 179A of the BVI Business Companies Act 2004 (as amended) (“the Scheme”), encompassing three series of guaranteed bonds issued by Tsinghua Unic Limited and unconditionally and irrevocably guaranteed by TUC:

• US$1.05 billion 4.75 percent. Guaranteed Bonds due 2021
• US$750 million 5.375 percent. Guaranteed Bonds due 2023
• US$200 million 6.50 percent. Guaranteed Bonds due 2028

The Completion Notice, issued on 29 July 2026, confirmed the satisfaction of all restructuring conditions and triggered the closing of settlement flags in the relevant Clearing Systems to allow for the preparation and consummation of the transactions contemplated under the Scheme.

The Freshfields team was led by partner Bing Guan with support from partners John Choong and Dan Anderson, senior associates Niklas Wong and Nancy Mu and Associate David Bor.