Global law firm Withers has launched a new campaign website as part of its efforts to further rally Asian holders of AT1 bonds issued by the now-defunct Credit Suisse.
Withers has launched a campaign website targeting holders of Additional Tier 1 (AT1) bonds issued by Credit Suisse in Asia and the Middle East. Following the UBS takeover, the AT1 bondholders were hit by a write-down that led to an estimated $17 billion in losses. Equity shareholders should theoretically bear losses first but they were prioritized over debt holders in the case of the government-brokered deal.
«Our firm is proactively coordinating funded investor-state arbitration claims on behalf of Credit Suisse AT1 bondholders in Asia and the Middle East against the Swiss Confederation,» Withers said. «This action aims to safeguard the rights of our clients to claim for losses incurred on their AT1 bonds.»
Asia Efforts
Thus far, Withers has made various ongoing efforts to support bondholders in Asia. The firm has gathered aggregate claims reaching $100 million from Hong Kong bondholders following a town hall meeting earlier this month. In Singapore, it is acting on behalf of over 100 bondholders with claims of close to S$200 million ($148 million).
«We represent a large number of bondholders and have taken significant steps to commence international arbitration on behalf of bondholders in Asia and the Middle East, with a focus on Hong Kong, China, Japan, Singapore, South Korea, Qatar and the Kingdom of Saudi Arabia, to claim compensation for the losses incurred as a result of the March 2023 merger of Credit Suisse and UBS,» Withers added.
