Jones Day and O'Melvenys act on creation of joint venture to buy up and manage bad debts
April 02, 2003 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
US giants Jones Day and O’Melveny & Myers have advised on the ground-breaking creation of two foreign joint ventures to buy up and manage bad debts in mainland China.
The deal, completed in March, will see a consortium of banks – led by Morgan Stanley – and Chinese state-owned company Haurong purchase yuan10.8bn (£830m) of non-performing debts from domestic businesses, mainly in the property sector.
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