Debtwire‘s 1Q25 APAC Restructuring Advisory Mandates Report shows that the number of mandates awarded to insolvency and restructuring professionals across Asia-Pacific (excluding Japan) rose sharply in 1Q25 compared to the previous quarter, driven largely by a surge in appointments from Australia.

A total of 51 new mandates were awarded in the region in 1Q25, up from 35 in 4Q24 but down from 61 in 1Q24. These advisory roles related to 26 situations involving USD 82.4bn in debt, a significant increase from USD 12.9bn in 4Q24, though below the USD 86.7bn recorded in 1Q24.

Uptick in Australia

Australia accounted for 18 mandates in 1Q25, marking the country’s highest quarterly total since 2Q20. The figure represented 35% of all restructuring mandates awarded across Asia-Pacific during the period. These appointments were tied to USD 3.4bn in debt across eight situations, four of which commenced during the quarter:

• OneSteel Manufacturing: The state government appointed an administrator over the steel manufacturer in February after the company received default notices tied to AUD 650k in unpaid bills. OneSteel’s UK-based parent, GFG Alliance, has faced ongoing debt servicing issues since the 2021 collapse of key financier Greensill Capital.
• Star Entertainment Group: The casino operator secured an AUD 300m debt financing commitment as of this report’s date, following the collapse of a proposed AUD 940m refinancing deal in early April. Star appointed its first advisor and outlined a potential administration plan to lenders in January.
• Twinza Oil: Receivers were appointed in February over the Papua New Guinea-focused gas explorer. Debtwire reported earlier that month that the company had entered talks with its senior secured lender syndicate to finalize a restructuring agreement.
• Strandline Resources: Creditors appointed receivers in February shortly after the board resolved to place the company into administration.

These four new situations accounted for 14 of the 18 mandates in Australia. The remaining four mandates were linked to restructuring situations that began prior to this quarter: East Rockingham RRF, Healthscope, Jervois Global and Regional Express Holdings.

China remains dominant

China was the only jurisdiction to generate more mandates than Australia, contributing 22 (43.1% of the total) from 12 situations involving USD 51.4bn in debt, or 62.4% of the regional total.

As has been the case since mid-2021, Chinese real estate firms remained the largest source of mandates for insolvency professionals. These companies accounted for 16 mandates (31.4%) linked to USD 32.6bn in debt (39.6%) during the quarter.

Among the eight real estate situations, five ranked in the top 10 by mandated debt in 1Q25: China Evergrande Group, Sunac China Holdings, Logan Group, Powerlong Real Estate Holdings, and LVGEM (China) Real Estate Investment.

Outside of the real estate sector, Chinese companies generated six mandates tied to USD 18.8bn in debt. Of this, USD 18.5bn came from Suning Appliance Group, a household appliance retailer placed into onshore restructuring by the Nanjing Intermediate People’s Court in January 2025.

Hong Kong’s single but significant case

Hong Kong saw just one new situation in 1Q25, but it was the second largest in the region by mandated debt. In January, New World Development, controlled by the Cheng family, appointed advisors to explore restructuring options. As of 31 December 2024, the company had USD 24.5bn in debt, making it the largest situation in the region by debt amount during the quarter.

Top advisors of 1Q25

FTI Consulting secured the most mandates of any financial advisor during the quarter, with six appointments tied to USD 33.8bn in debt. These included company-side roles for Logan Group, Star Entertainment, and New World Development, as well as creditor-side engagements for Strandline Resources, Twinza Oil, and Agile Group.

By debt volume, FTI also ranked first due to its involvement in the New World Development mandate.

Linklaters and Ashurst led the legal advisor rankings, with three mandates each. Linklaters acted as company-side counsel for LVGEM (China), New World Development, and India-based chemical manufacturer Cohizon Life Sciences.

Ashurst’s three roles included advising creditors in the Strandline Resources and Sunac China matters, and representing the shareholder of LVGEM (China).

Debtwire’s Restructuring Database covers APAC (ex-Japan) restructuring/liquidation situations involving debtors with debt in excess of USD 100m and starts tracking these situations when 1) the debtor engages a restructuring advisor, and/or 2) a restructuring/liquidation process is officially launched. If you would like to submit mandates, please email [email protected].