15 Jun 2023
CITICORP INTERNATIONAL LTD v. TSINGHUA UNIGROUP CO., LTD
- Citation
- [2023] HKCFI 1572
- Court
- Court of First Instance
- Case number
- HCA1269/2021
Tsinghua breached the Keepwell Deed by failing before the bonds' maturity to ensure the Issuer/Guarantor had sufficient liquidity; Tsinghua failed to discharge its burden to show it used best efforts to obtain necessary Regulatory Approvals under clause 2.2 and therefore could not rely on that qualification; filing a proof in the PRC reorganisation did not extinguish the Trustee's right to pursue relief in Hong Kong; accordingly the Trustee was entitled to judgment for the unpaid principal, accrued interest and contractual costs (US$483,843,533).