China’s Yestar Healthcare restructuring effective as of March 14

By Marisa Wong

Los Angeles, March 14 – Yestar Healthcare Holdings Co. Ltd. announced that the effective date of its previously proposed restructuring occurred on March 14.

The Grand Court of the Cayman Islands had sanctioned Yestar’s previously announced scheme of arrangement with its creditors by an order dated Feb. 28. The scheme effective date was Feb. 29.

In late 2023 the company announced it was planning an offshore debt restructuring relating to its $197,864,523 9˝% senior notes due 2026.

As of Dec. 7, an ad-hoc group of noteholders and other supporting noteholders representing in aggregate about 47.8% of the outstanding principal amount of the notes signed and acceded to a restructuring support agreement.

The proposed restructuring of the existing liabilities outstanding under the 2026 notes was to be implemented through a Cayman scheme of arrangement. A scheme meeting was held on Feb. 19.

Earlier this week, the company issued a notice that it would fully redeem and cancel the 2026 notes on March 13.

Morrow Sodali Ltd. (https://projects.morrowsodali.com/yestar; yestar@investor.morrowsodali.com; +852 2319 4130 or +44 20 4513 6933) is the information agent.

Yestar is a Shanghai-based supplier of medical consumables for the in vitro diagnostic market and a manufacturer and distributor of medical imaging products.

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