Given the recent media coverage and growing concerns among investors over the risks associated with a bankruptcy filing of a cryptocurrency exchange, it feels timely to highlight some issues that arose in the Chapter 11 cases of Cred Inc. and certain of its affiliates (collectively, “Cred”).

本文拟以某案例为切入点，揭示及探讨政府和社会资本合作（Public-Private Partnership，下称PPP）项目中社会资本方因项目合同主体问题而面临的潜在风险及可能的风险防范措施。

1. 案例情况简述

项目投资人A公司（外国公司）与B政府签订某项目投资框架协议，约定由A公司设立项目公司C以负责建设、运营某污水处理厂特许经营项目，并在对项目建设时间、技术要求、费用确认机制等关键条件做出约定的同时，明确“详细条款在正式合同中约定”。

随后，B政府作为甲方与A公司作为乙方签订PPP项目合同，约定项目按照合同要求建设并投入运营后，由B政府承担向乙方支付污水处理费的义务（最终用户向B政府付费），并且“当项目公司成立后，乙方在本协议项下的所有权利和义务自动转让给项目公司”。

根据前述协议，A公司设立由其100%控股的项目公司C，由C公司承继PPP项目合同中与建设、运营项目相关的所有权利义务。C公司主要通过向当地银行贷款的方式进行项目融资，以完成项目建设并将污水处理厂投入运营。

Faced with thousands of complex potential claims from creditors, and a soon-to-expire letter of comfort, the liquidators of Forex Capital Trading Pty Ltd (in liq) sought creative and efficient relief in the Federal Court of Australia to implement an expedited adjudication process to adjudicate and admit these claims without creditors having to individually establish causation for their loss or damage: Woodhouse (liquidator), in the matter of Forex Capital Trading Pty Ltd (in liq) [2022] FCA 600.

Unitranche financing began as a middle-market product, tracing its origins to the days of recovery from the global credit crisis. The credit markets re-opened with an explosion of available capital from traditional lenders, business development companies and other direct lenders. With an increasing supply of capital, leverage shifted to borrowers and private equity, allowing them to better dictate the terms and conditions of their loan facilities. With the greater prevalence of so-called “covenant-lite” loans, also came the exponential growth of the unitranche market.

过去数年，打包重组（Repackaging）结构盛行，中资金融机构寻求使用其作为便利进入市场的工具，并为客户提供创新的融资方案。

中国房地产行业是最广泛使用该结构的行业之一，该行业在2021年高开低走、大起大跌，并于最后一季急挫。市场预期房地产行业在2022年仍将困难重重。

在此背景下，我们察觉到安排人（Arranger）、中国房地产企业及投资者正在寻求对现有的打包重组交易进行结构调整（restructure）的机会（包括提前终止、展期、增加额外增信措施、置换等安排）。此外，我们还观察到，市场对与中国非房地产行业主体（如融资租赁公司、金融科技公司）相关的资产支持交易的兴趣有所增加。

我们将于本文探讨部分有关修订或提前终止打包重组交易的主要问题，并且概述我们在市场中观察到的典型案例和未来趋势。

温故知新：打包重组交易的基本结构

许多较为简单的打包重组交易的结构一般具有下列特点：

Late last week, the District Court for the Southern District of New York provided a reminder of the importance of precise drafting. In Transform Holdco LLC v. Sears Holdings Corp. et. al., CV-05782, Doc. 20, the contractual question at issue related to the purchase of substantially all of the assets (and assumption of certain of the liabilities) of Sears and its domestic and foreign subsidiaries by Transform Holdco LLC (“Transform”) in Sears’ bankruptcy case.

The financing of commercial litigation has grown enormously since it first appeared on the scene in the US, about 15 years ago. While still small relative to the overall US financial market, it is estimated that more than $11 billion has been invested in litigation finance in the US last year alone. In essence, lenders (often referred to as “funders”) provide commercial claimants and contingency law firms with the capital needed to prosecute legal claims which the funders believe have a strong likelihood of success.

Backstop commitments have become commonplace in large corporate bankruptcy cases – they provide certainty to the debtor that it will have the funds needed to satisfy its obligations to creditors under its plan of reorganization and that it will have liquidity to operate post-bankruptcy as the reorganized entity. Backstop commitments are also a way for certain creditors to generate some additional return in the form of commitment fees and expense reimbursements in exchange for their agreement to backstop all or a material portion of a proposed rights offering or other financing arrangement.

The High Court of Australia’s decision in Wells Fargo Trust Company, National Association (as Owner Trustee) & Anor v VB Leaseco Pty Ltd (Administrators Appointed) & Ors (the “Willis” case).

On Wednesday, 16 March 2022, the High Court of Australia handed down its decision in the Willis case.

Considerations of “environmental, social and governance” (or ESG) criteria with respect to a company’s management and operations continue to take on greater importance in lenders’ and investors’ credit and investment decisions. How a borrower or a target company measures up to these ever-developing ESG standards will impact its cost of capital and value to potential investors and acquirors.