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David Brown is a Special Situations, Corporate Recovery and Transactions Partner who has been based in Hong Kong since 1994. He has specialised in corporate advisory, debt restructuring and due diligence services since 1995.
David was the lead partner on the US$5.8 billion debt restructuring of Guangdong Enterprises Holdings Limited, acting as the financial advisor to the steering committees representing over 170 international and PRC domestic banks. In this role, David was intimately involved in the design, negotiation, documentation, completion, implementation, and post closing monitoring of the GDE restructuring, dealing directly with the most senior members of GDE's restructuring committee including senior government and communist party representatives and its financial and legal advisors both in HK and mainland China. The GDE restructuring was the first, and remains the largest restructuring of a large state owned PRC enterprise, and is widely by regarded as highly successful. International Financial Law Review and Asia Law and Practise magazines selected the GDE debt restructuring as the winner of, respectively, the "Restructuring Deal of the Year" and the "Best Restructuring Deal in Asia". The restructuring is the subject of a book, Chinese Phoenix, written by the Guangdong Provincial Government's chief negotiator Dr Wu Jiesi in which Mr Brown's experience and expertise is acknowledged by the author.
David Brown has also acted as financial advisor and/or independent reporting accountant to:
- The Mainland Chinese bank creditors of Asia Pulp and Paper China Limited, one of the world's largest paper manufacturers, based in Shanghai (US$2.6 billion of indebtedness);
- Reach Telecom in its US$2.5 billion debt rescheduling;
- The committee representing the holders of Paliburg Holdings Limited's US$440 million exchangeable and convertible bonds; and the committee representing the holders of Lai Sun Development Limited's US$260 million exchangeable and convertible bonds;
- Corporates and creditors in 16 restructurings of HKSE listed companies, many of which had manufacturing operations in mainland China or incorporated workout solutions involving PRC ventures;
- Potential investors in the Bank of China (Cayman Islands), US$1.8 billion non performing loan sale and in the Hua Rong II, US$2.8 billion non performing loan sale; and in various other distressed asset transactions predominantly in mainland China; and
- One of the Detroit Big 3 auto manufactures, designing a system and process to monitor and identify troubled suppliers in China.
In addition to these specific examples, David has acted on behalf of both investors and vendors in a number of transactions with particular focus on Chinese businesses or Hong Kong businesses with substantial interests or activities in mainland China.
David attended and presented at the inaugural PwC Restructuring Program at Harvard Business School in 2004. He was also a speaker at the London INSOL conference and has lectured on corporate restructuring methodologies and strategies in countries throughout Asia and in Africa.
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