Debtwire Asia Pacific Forum 2023
The Four Seasons Hotel, Hong Kong SAR & Online
10
Oct
Asia distressed: Finding opportunities amid dislocation
Outside of the Chinese real estate sector, what have been the distressed/special situation opportunities and what is the outlook given prevalent monetary policy and the macroeconomic environment as well as other market dynamics.
- In which countries and in which sectors is distress likely to increase, and why?
- What are the opportunities in the region given the unique characteristics in each geography and structure of markets?
- Apart from central banks policies and the macroeconomic environments what are the market dynamics that could result in pick up in opportunities?
- Will declining asset valuations for private equity investors provide opportunities for special situation investors?
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SpeakersGraham Price Counsel WEIL, GOTSHAL & MANGES
Jocelyn Chi Managing Director KROLL
John Han Partner KOBRE & KIM
Beaux Pontak Co-Head of Global Financing and Credit Trading (GFCT), Asia Pacific DEUTSCHE BANK
Kurkye Wong Executive Director ARGYLE STREET MANAGEMENT LIMITED
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Graham Price is a counsel in Weil’s Banking & Finance practice and based in Hong Kong. Dually qualified in England & Wales and Hong Kong, Graham focuses on both finance and restructuring matters across the Asia-Pacific region. He represents private equity sponsors, private credit funds, major institutional lenders and asset managers on a wide range of finance transactions, including cross-border leveraged financings, restructurings, special situations, direct lending, margin loans, real estate finance and corporate facilities.
Prior to joining Weil, Graham worked at leading international law firms in Hong Kong and London where he also undertook a secondment to Barclays Capital.
Graham’s wide-ranging experience includes representing consortium members and financial sponsors in the financing aspects of the largest landmark take-privates of US-listed Chinese companies in recent years, including 51job.com, 58.com and CAR Inc.. Graham also acted for the ad hoc group of bondholders in relation to the successful restructuring of more than US$7 billion of offshore debt of China Aoyuan Group Limited and its subsidiary, Add Hero, including over $3 billion of offshore bond debt, Noble Group in relation to its restructuring in Hong Kong, Singapore and London, TPG on the multi-jurisdictional restructuring of financial indebtedness and the provision of new money for its investment in Dream Cruises Holding Limited and is currently working on a number of high profile restructuring matters in the Chinese real estate space.
Jocelyn Chi is a managing director based in the Hong Kong office. She has extensive experience in various forensic, restructuring, insolvency, dispute resolution and investigation assignments throughout Asia including compulsory and voluntary liquidations, IFA, reporting accountant, schemes of arrangement, capital and debt restructurings of private and large publicly listed groups.
Her key experience includes investigating international assets and liabilities, funds flow and assets tracing, analysis of the financial and operational affairs of companies and groups and the associated litigation and professional negligence claims. Jocelyn also has substantial experience in the forensic investigation and valuation of businesses and matrimonial assets in Hong Kong, PRC and overseas, preparation of Form E and Duxbury calculations and associated reports to court.
Jocelyn has been appointed as Administrator of deceased estates including to undertake investigations and take control of assets pending the Court determinations. Jocelyn has facilitated investigation assignments for entities in various industries including scrap metal trading, forestry, cold storage, property investment, freight forwarding and logistics, bullion trading, software development and car rental in Hong Kong, PRC, Singapore and internationally.
John Han is an international claim monetization strategist who enables clients to achieve business objectives in Hong Kong, the PRC, South and Southeast Asia, and offshore jurisdictions. He has deep experience as lead counsel monetizing claims related to Greater China and India for distressed debt investors in both the non-contentious and contentious contexts.
He regularly advises investors pre-trade, executes special projects to improve restructuring terms, and if required leads global teams on cross-border activist campaigns. He has deep experience penetrating vulnerabilities across complex offshore and onshore holding structures, devising effective strategies focused on decision makers, and executing on strategies in the PRC.
Most recently, he led a successful global strategy to monetize a US $200M credit position that included obtaining conservatory arrest over assets, receivership over offshore holding structures, and having the Chairman of the company held in contempt of court, effectively converting the debt issuer’s liability into a personal liability of the Chairman, among other measures.
His commentaries on distressed scenarios and special situations have been cited in The Wall Street Journal, The New York Times, and The Financial Times.
Mr. Han is admitted as a Solicitor Advocate in Hong Kong, in the United States, in the Dubai International Financial Centre Courts and in the Astana International Financial Centre Court. He obtained his JD from the University of Chicago Law School where he was Executive Editor of the Law Review.
Beaux Pontak is an American national and has lived in Asia for approximately 19 years. He has been with Deutsche Bank for the past 14 years, mostly in Hong Kong and Tokyo.
Beaux is currently co-head of GFCT in Asia Pacific and is a member of DB’s Global GFCT Executive Committee. He has broad responsibility for a wide range of public and private credit trading, lending and investment businesses. Beaux also has executive responsibilities in DB’s FIC and Hong Kong branch operations.
Prior to co-heading GFCT in APAC, Beaux’s previous roles at DB included serving as the head of Portfolio Investments for GFCT’s Distressed Products business in APAC, the head of GFCT in Japan, and co-head of GFCT in Asia.
Deutsche Bank's GFCT is a global leader in credit investing, structuring, dealing and investing in credit and other securities, including structured credit, flow credit, commercial real estate, aviation and asset finance, corporate credit, stressed and distressed debt, hybrid credit, local and global currency denominated credit and selected equity investments.
GFCT specializes in taking an active role in its portfolio investments, with dedicated professionals in Hong Kong, Singapore, Sydney, Tokyo, Beijing, Mumbai and Manila.
Deutsche Bank in the Asia Pacific region was instrumental in re‐opening credit markets that were closed during the global financial crisis and, more recently, the COVID-19 crisis. Prior to joining Deutsche Bank, Beaux was a Senior Manager in Transaction Advisory with Ernst & Young and had been based in Beijing, Manila, New York and Los Angeles.
Beaux graduated summa cum laude from Pepperdine University in Malibu, CA with a Bachelor of Arts in Economics and a second Bachelor of Arts in International Studies.
Mr Wong is an Executive Director in Argyle Street Management Limited. Mr Wong is specialize in distress and private credit investment in Asia. He previously worked at KPMG and FTI Consulting in Hong Kong. Mr Wong is a Fellow member of the HKICPA. He holds a Bachelor of Business from the Queensland University of Technology, a Juris Doctor from the Chinese University of Hong Kong, and a Master course in Financial Engineering from Stanford University.