Cedric Van den Borren

Kirkland & Ellis advised an ad hoc group of offshore noteholders on the successful restructuring of approximately USD8.1 billion offshore liabilities of CIFI Holdings (Group) Co. Ltd. (HKEX: 0884), a leading property developer in the PRC. The restructuring closed on December 29, 2025, following a three-year negotiation process that commenced in late 2022 and culminated in the sanction of a scheme of arrangement by the Hong Kong Court. Widely regarded as one of the largest and most complex real estate restructurings in Asia, the deal involved a suite of implementation mechanisms – including a Hong Kong scheme of arrangement and parallel consent solicitations – to restructure CIFI's offshore loan facilities, senior notes, convertible bonds, and perpetual securities. The Kirkland team included restructuring lawyers Neil McDonald, Wei-Yang Lim, Zhao Wang Teo and Yvette Zhou; litigation lawyer Kevin Leung; capital markets lawyers Cedric Van den Borren, Rohan Sahai and Connor Anear; debt finance lawyers Sean Zhang, Johnson Man and Rachel Naylor; and derivatives lawyer Scott Gordon.

Jan 8

1 min

Kirkland & Ellis advised the Consolis Group, a European leader in precast concrete solutions for the building and utilities sectors, in relation to its successful comprehensive debt and equity recapitalization effective November 28, 2024. The transaction included the provision of a new €198 million secured term loan facility from certain bondholders of Consolis, combined with a three-year extension of the Group’s existing super senior revolving credit facility. The transaction provides for a significant deleveraging of the Group through the debt-for-equity swap of all of the group’s €300 million senior secured notes and the discharge of a €50 million PIK loan incurred by a holding company in the Group. The proceeds from the new term loan will be used to refinance certain of the Group’s existing facilities and provide additional liquidity to the Group to fully fund its business plan. The comprehensive recapitalization transaction was implemented fully consensually, with support from the Group’s sponsor (Bain Capital), bondholders, revolving credit facility lenders and PIK lenders. The Kirkland team included restructuring lawyers Dan Stathis, Kon Asimacopoulos, Hannah Crawford and Angad Sethi; capital markets lawyer Cedric Van den Borren; debt finance lawyers Ben Burton and Deena Smith; and tax lawyer James Seddon.

Dec 2

1 min

Kirkland & Ellis advised the ad hoc group of noteholders on the successful restructuring of approximately USD 17.7 billion offshore liabilities of Country Garden Holdings Company Limited (HKEX: 2007), a leading PRC property developer. The restructuring became effective on December 30, 2025, following a multi-year negotiation and implementation process and the sanction of a scheme of arrangement by the Hong Kong Court on December 4, 2025. Country Garden’s offshore restructuring represents one of Asia’s most significant and largest restructurings of Chinese property developers in the current sector-wide crisis. It is one of the largest schemes of arrangement by value ever sanctioned by the Hong Kong Court to date. This transaction marks another landmark mandate for Kirkland and reinforces the firm’s market-leading role in Asia advising on the most significant and complex offshore restructurings in the region. Kirkland advised the ad hoc group throughout the restructuring process, including in negotiations with Country Garden and other stakeholders in relation to the restructuring terms and the post-restructuring debt and equity instruments. The Kirkland team included restructuring lawyers Neil McDonald, Wei-Yang Lim, Anthony Wijaya, Zhao Wang Teo, Su Yi Yeoh and Yvette Zhou; debt finance lawyers Sean Zhang and Johnson Man; corporate lawyers Pierre-Luc Arsenault and Yawen Li; capital markets lawyers Cedric Van den Borren and Rohan Sahai; and litigation lawyer Kevin Leung.

Jan 7

1 min

Kirkland & Ellis advised Hilong Holding Limited (HKEX: 1623) on its restructuring of approximately $379 million offshore secured senior notes. Hilong is a leading PRC-based integrated oilfield equipment manufacturer and service provider. Hilong’s restructuring proposal (which included disposal of assets, cash paydowns, enhanced credit protections and revised governance arrangements) ultimately received overwhelming support from its diverse creditor base. With such creditor support, the Hong Kong proceedings for the winding-up of the company was promptly withdrawn upon the successful completion of the restructuring. The transaction closed on February 5, 2026, following the consent solicitation launched on December 11, 2025 and approved on February 3, 2025 by holders representing 96.28% of the aggregate principal amount of the offshore notes. This transaction marks another successful representation by Kirkland and further reinforces our market-leading role in Asia advising on the most significant and complex restructurings in the region. The Kirkland team included restructuring lawyers Wei-Yang Lim, Anthony Wijaya, Yvette Zhou and Rebecca Zhou; debt finance lawyers Sean Zhang and Johnson Man; capital markets lawyers Cedric Van den Borren, AJ Brown, Alejandro García, Patrick Wieser and Younes Mahmoudieh; and litigation lawyer Kevin Leung.

Feb 13

1 min

Kirkland & Ellis advised Banijay Group (AMS: BNJ) and Betclic, the leading online sports betting and gaming operator in France, in connection with its offering of €1 billion in aggregate principal amount of senior secured notes as part of the €3.1 billion financing for its combination with Tipico, a sports betting and online gaming operator in Germany and Austria. Pending consummation of the acquisition, the proceeds from the offering of the notes will be held in a segregated bank account controlled by the bond issuer. Betclic signed a definitive agreement to acquire a majority stake in Tipico, and the acquisition is expected to close in mid-2026, subject to customary closing conditions and gambling regulatory approvals. The transaction is expected to position Betclic as one of Europe’s leading sports betting and gaming players, with Banijay Group’s revenue exceeding €6.4 billion and adjusted EBITDA of approximately €1.4 billion as a result thereof. The Kirkland team included capital markets lawyers Cedric Van den Borren, Will Taylor, Luca Meneghini and Louis Noirault; debt finance lawyers Evgeny Zborovsky, Kalish Mullen and Matias Versavel; tax lawyers Nadine Gelli and Louise Chappey; and investment funds lawyer Josh Westerholm.

Feb 3

1 min