Arbitrage funds may have further options available to maximise the value of their position in companies seeking to avail themselves of the Cayman Islands merger regime.

While it had been clear for most of the recent economic downturn that the 24% of Hong Kong Stock Exchange-listed companies incorporated in Bermuda may have recourse to the court in their place of incorporation to secure an adjournment or stay of an actual or anticipated winding-up petition in Hong Kong, it is now equally clear that Cayman incorporated companies (which represent another 50% of the HKSE) will have similar access to restructuring assistance.