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Admiralty Harbour is a credit-focused financial services firm based in Hong Kong.
Admiralty Harbour Completes Debt Restructuring for Yestar
Mar 2024
Yestar
On 14 March 2024, Yestar Healthcare Holdings Company Limited (2393.HK) successfully completed a restructuring of its outstanding US$194.5 million offshore senior notes due 2026 through a scheme of arrangement in the Cayman Islands. Admiralty Harbour acted as the sole restructuring financial adviser to the Company.

As one of the largest distributors of In-Vitro Diagnostic products in China, the Company experienced continued adverse policy shifts and deterioration in the overall competitive landscape, leading to severe liquidity challenges in meeting its obligations under the senior notes.

Amidst this backdrop, the Company was able to negotiate a transaction to dispose certain of its assets where the sales proceeds could be utilitised towards redeeming its outstanding senior notes. To implement this plan, the Company conducted a Cayman scheme and received overwhelming support where holders holding over 90% of the outstanding principal amount of the notes participated in the voting and unanimously voted in favour of the scheme.

Through this restructuring, the Company was able to provide an exit to its noteholders following a sustained period of default under the senior notes, and to discharge its liabilities under the notes in a single stroke which significantly alleviated its overall debt burden, allowing for its ongoing business recovery and operation in the interest of all stakeholders.

Congratulations to Yestar!
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