Carey Olsen wins CBLJ Deal of the Year for Liquidation, Bankruptcy and Restructuring

Babel and its subsidiaries ("Babel Group") engage in a wide range of business activities, including crypto-lending and crypto asset management. Babel's debt restructuring, which exceeded US$1.5 billion, involved innovative structures including substantive consolidation, debt-token swaps and debt-for-CVR swaps. Once valued at US$2 billion, the company experienced a liquidity crunch following a period of market instability in June 2022. The restructuring marks a significant milestone for the cryptocurrency industry, acting as a blueprint for resolving complex financial issues in the sector.

Carey Olsen's role included providing comprehensive Cayman Islands and British Virgin Islands legal advice on all aspects of the restructuring, ensuring compliance with relevant regulations, and working closely with Babel and its stakeholders to achieve a successful outcome.

The Carey Olsen team advising Babel was led by the Singapore team comprising partners James Noble and Anthony McKenzie, counsel Susan McKinstray and Amelia Tan, senior associate Wei Xun Toh, with support from Cayman Islands partners Chris Duncan and Peter Sherwood.

James Noble commented: "We are incredibly honoured to receive this prestigious award from China Business Law Journal. This award recognises the team's outstanding expertise and strategic counsel in navigating the intricate legal and financial challenges of Babel's restructuring. This award is just one example of Carey Olsen's position as a leading offshore legal advisor in the Asia-Pacific region."

Babel's debt restructuring is one of the 263 standout deals and cases China Business Law Journal has selected from thousands of submissions over the past year. Taking into account deal size, industry impact, structural innovation, judicial precedent setting and social contribution, all transactions have achieved significant milestones between 1 November 2023 and 31 October 2024.