11
Nov
Macro choke: Restructuring and capital solutions
The maturity wall is no longer a future risk; it is unfolding in real time. While high-quality borrowers land smoothly, stressed and high-yield issuers face a refinancing squeeze. Consensual outs-of-court workouts, bespoke liability management exercises, and highly structured "rescue capital" have become the primary lines of defence. This panel will discuss how the market is engineering liquidity, navigating intercreditor conflicts, and rewriting the restructuring playbook in real-time.
- Where are we in the refinancing cycle and how much pain is still ahead?
- Does maturity wall come into play for borrowers and in what form?
- How are out-of-court workouts and pre-insolvency mediations changing the restructuring playbook?
- What is the corporate restructuring outlook for 2027?
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SpeakersPing Zhou Co-Managing Editor, APAC Debtwire
Sophia Xia Managing Director, Co-head of Asia Restructuring Houlihan Lokey
Tim Tu Co-Founder and Managing Partner Jing Street Capital
Dhevine Chandrapala Partner Sidley Austin
Grainne O'Brien Executive Director, Stressed Assets Group, Structured Solutions and Advisory Standard Chartered Bank
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Zhou Ping is Co-Managing Editor at Debtwire APAC, a global intelligence service that researches and reports on high-yield and distressed debt, leveraged financing and debt restructurings. Co-working with a group of experienced journalists and analysts, she writes news stories and market insights on Chinese high-yield bond issuers, distressed debt, in-court and out-of-court restructuring situations. Prior to Debtwire, she worked for Financial Times to cover South China in Hong Kong Bureau, Associated Press in Beijing Bureau. She studied and lived in Beijing, Pyongyang, Seoul before moving to Hong Kong.
Ms. Xia joined Houlihan Lokey in 2012 and is currently the Co-head of Asia Restructuring, responsible for deal sourcing, execution and staff management. She has extensive experience advising clients in Asia on restructuring situations, M&A and capital raising across different industries. Her recent transactions include company-side mandates for Sino Ocean, Country Garden, Modern Land, Sunac, China Evergrande, Glory Health and Luckin Coffee; and creditor-side mandates for Shimao Group, Yestar Healthcare, GCL Energy, Hilong Group and Huachen Energy. Before joining HL, Ms. Xia was at J.P. Morgan’s investment banking division and at Morgan Stanley in New York. Ms. Xia graduated magna cum laude from Duke University with a B.S. in Mathematics and Economics, and a Certificate in Markets and Management Studies. She is a native speaker of Mandarin and Cantonese and fluent in English.
Tim Tu is Co-Founder and Managing Partner at Jing Street Capital, a boutique capital markets adisory firm based in Hong Kong.
Tim has more than 20 years of experience in international capital markets, corporate finance, and structured lending.
Tim founded Jing Street Capital following senior leadership roles at leading global financial institutions. He served as Head of APAC Corporate Book at UBS follwing the UBS-CS merger and Head of APAC Financing at Credit Suisse , where he oversaw a pan-Asian financing portfolio exceeding US$10 billion. Previously, Tim was CEO of Credit Suisse Securities China Limited and spent a decade at Standard Chartered.
Dhevine is a partner in Sidley’s Hong Kong Restructuring practice with extensive experience acting on behalf of debtors in relation to many of Hong Kong’s most significant restructuring mandates in recent years. He is a senior member of a Sidley team responsible for close to US$50 billion in successfully completed restructuring mandates since the start of the China real estate crises in 2021.
As well as acting on behalf of debtors in cross-border restructurings, Dhevine also has experience advising sponsors, creditors, and strategic investors on restructurings of stressed and distressed businesses. In addition, he advises private equity and credit houses, hedge funds, and investment banks in their review and diligence of investment opportunities in par, stressed, and distressed transactions. Dhevine has received recognition from numerous industry rankings such as the Global Restructuring Review, IFLR Asia-Pacific Awards, Legal 500, Legal Business Awards, and FT Innovative Lawyers Awards.
Grainne has over 25 years’ experience in international banking and private equity. She has advised listed corporates and private equity on their investments in Europe, the U.S. and Asia. Based in Singapore for the last 15 years, Grainne currently works in Standard Chartered Bank focusing on global special assets management including restructuring, distressed loan sales and impairment provisioning. Prior to that, she was Director of Investments for Fine Grain Property, a PE real estate investor and operator. Before moving to Singapore, Grainne was a Director in the corporate finance boutique, DC Advisory in London where she advised on billions of dollars of complex, multi-jurisdictional restructurings and was responsible for returning numerous clients to financial health. Prior to that, Grainne worked in the Allied Irish Banks in London focusing on restructuring and portfolio management. She is also a fellow of the Institute of Chartered Accountants of Ireland and trained as a Chartered Accountant with KPMG in Dublin, Ireland.