Davis Polk & Wardwell has acted for Mongolian Mining Corporation (MMC) in a complex, cross-border bank bond restructuring deal valued at $800 million.
MMC, a coking coal producer listed on the Hong Kong Stock Exchange, also tapped Minter Ellison as its Mongolian counsel, Walkers as its Caymans counsel, and Loyens & Loeff as its Luxembourg counsel.
Ropes & Gray represented the steering committee of bondholders. Meanwhile, Clifford Chance advised the restructuring deal’s lenders – BPP Paribas, Industrial and Commercial Bank of China, and ICBC (London) – as their international and Luxembourg counsel. The lender group also turned to Harneys for matters related to Cayman Islands law and MahoneyLiotta for concerns involving Mongolian law.
Mayer Brown JSM acted for new bond trustee.
Scott Bache was the lead partner for the CC team, supported by capital markets partner Alex Lloyd. A separate CC team headed by partner Dauwood Malik represented the existing shared security agent.
This restructuring deal is said to be the biggest by value since the debt plan of Chinese developer Kaisa Group in 2015.