Cases & Deals

Strait Capital purchases and restructures $30 million Senior Secured Convertible Promissory Note and Warrants to purchase Common Stock from U.S.-based global mobile payments company

Clients Strait Capital Service Ltd.

Jones Day represented Strait Capital Service Ltd. in connection with the purchase and restructuring of a $30 million Senior Secured Convertible Promissory Note and Warrants to purchase Common Stock from a U.S.-based global mobile payments company with subsidiaries located throughout the world.

Following multiple restructurings and default by the borrower, Jones Day advised the investment fund with regard to an exercise of remedies, implementation of a receivership in Hong Kong, complex issues relating to the borrower's VIE structure for its PRC operations, and, ultimately, structuring a full repayment to the lender.