The GDE Group was created in the early 1980s to raise funds in the international markets for the development of hundreds of companies in Guangdong Province. By late 1998, however, GDE faced an immediate need to restructure more than $5 billion in debt for international lenders and bondholders. Goldman Sachs was asked to advise the Guangdong provincial government on the restructuring because it had demonstrated unique capabilities during the privatization of China Telecom, a huge undertaking that required a deep understanding of China's culture and business practices. The GDE restructuring was no less monumental a task.