HONG KONG, Jan. 29, 2024 /PRNewswire/ -- By order of the High Court of Hong Kong, Mr. Edward Simon Middleton and Ms. Wing Sze Tiffany Wong, both Managing Directors of Alvarez & Marsal Asia Limited, have been appointed as joint and several liquidators ("Liquidators") of China Evergrande Group (In Liquidation) ("Evergrande") in connection with the winding up of the Company.  

Mr. Middleton has had a long and distinguished career in the insolvency and restructuring industry, including more than 25 years in Asia. He has been involved in some of the most important cases in China and elsewhere, including acting as the lead liquidator of Lehman Brothers' Asia operations and joint liquidator of Oasis Hong Kong Airlines.

Ms. Wong has had more than 20 years of experience in restructuring and insolvency in multiple jurisdictions, having led the restructuring of Luckin Coffee. She has extensive knowledge and experience in corporate restructuring and dispute resolution in Hong Kong and the Chinese Mainland and has a track record of providing resolutions to clients for challenging cross-border projects.

Currently, Mr. Middleton and Ms. Wong are acting as joint liquidators of Genting Hong Kong, Nuoxi Capital Limited (an offshore bond issuer of Peking University Founder Group), Tsinghua UNIC Limited, and China Properties Group Limited.

Ms. Wing Sze Tiffany Wong, Managing Director, Alvarez & Marsal Asia Limited commented on the appointment, "We are humbled to have been entrusted with this role. We recognize the responsibility that comes with this appointment and we and our team will work tirelessly to play our part in putting the Evergrande Group business on a sustainable footing. Our priority is to see as much of the business as possible retained, restructured, or remain operational.

"It is important to emphasize that the winding up order has been made to the parent company only. It does not have a direct impact on the operations of its subsidiaries, most pertinently the subsidiaries operating in the mainland. Our intention is to work with existing management to address the interests at stake and achieve a resolution that minimizes further disruption for all stakeholders."

The liquidators will assess the affairs and financial condition of Evergrande and identify potential restructuring plans. Further announcements and updates will be provided as appropriate and in accordance with the Hong Kong Stock Exchange Listing Rules.

About Alvarez & Marsal

Companies, investors and government entities around the world turn to Alvarez & Marsal (A&M) for leadership, action and results. Privately held since its founding in 1983, A&M is a leading global professional services firm that provides advisory, business performance improvement, and restructuring, turnaround and insolvency services. When conventional approaches are not enough to create transformation and drive change, clients seek our deep expertise and ability to deliver practical solutions to their unique problems.

With over 9,000 people across six continents, we deliver tangible results for corporates, boards, private equity firms, law firms and government agencies facing complex challenges. Our senior leaders, and their teams, leverage A&M's restructuring heritage to help companies act decisively, catapult growth and accelerate results. We are experienced operators, world-class consultants, former regulators and industry authorities with a shared commitment to telling clients what is really needed for turning change into a strategic business asset, managing risk and unlocking value at every stage of growth.

The A&M Asia restructuring team provides a one stop solution for companies and investors in distressed situations. We have a proven track record of providing solutions that maximize value for all stakeholders in challenging situations.

To learn more, visit: AlvarezandMarsal.com. Follow A&M on LinkedIn, Twitter, and Facebook

CONTACT:   Brunswick Group (Hong Kong)
                     +852 6696 8657

                     Brunswick Group (Chinese Mainland)
                     +86 158 2133 0577

                     Evergrande@brunswickgroup.com

 

Source: Alvarez & Marsal