Moratorium

Bakrie Telecom can’t enforce Indonesian restructuring in US

Indonesian telecoms company Bakrie Telecom has secured Chapter 15 recognition of its Jakarta PKPU proceedings – but a New York court has declined to enforce its restructuring plan that contains third-party releases.

19 April 2021

Abu Dhabi-based NMC Healthcare secures interim English protection

The administrators of NMC Healthcare in Abu Dhabi’s financial free zone have obtained interim protection in the UK, blocking creditors from attaching sale proceeds they plan to place in a London bank account.

09 April 2021

Receiver appointed over PDVSA subsidiary in Dutch Caribbean

A subsidiary of Venezuelan state oil company PDVSA has entered bankruptcy proceedings in the Dutch Caribbean island of Bonaire amid US sanctions on its business.

24 March 2021

Moratorium application dismissed as unfeasible in Singapore

In what local lawyers say is one of the first tests of the IRDA regime, a Singaporean court has refused to grant a restructuring moratorium to an electronics company, finding its proposed scheme of arrangement was not feasible.

23 March 2021

Administration moratorium has extraterritorial effect, Australian court rules

A BVI court has blocked the enforcement of a deed held by a local arm of Harneys, after an Australian judge found it was subject to an Australian administration moratorium that has effect in foreign jurisdictions.

26 February 2021

Creditors approve KrisEnergy’s Singapore scheme

Cayman-incorporated oil and gas group KrisEnergy has secured creditor support for its Singaporean scheme of arrangement as part of a restructuring of its US$477 million debt pile.

19 January 2021

Ocean Tankers JMs fail to block vessel claims in Singapore

The judicial managers of Singaporean shipping company Ocean Tankers have failed to set aside writs filed against four of its vessels, after a court found they fell outside a restructuring moratorium that was in place against the company at the time.

18 January 2021

Brazilian senate approves long-awaited law

Brazil’s senate has approved a long-tabled bankruptcy law, which is set to introduce cross-border provisions based on the UNCITRAL Model Law to the country’s regime.

27 November 2020

KrisEnergy to call Singapore scheme meeting

Cayman-incorporated oil and gas company KrisEnergy has won a Singapore court’s permission to convene a creditors’ meeting on local a scheme of arrangement, which will be overseen by AJ Capital Advisory as managers.

17 November 2020

Borrelli Walsh appointed as Hyflux enters judicial management

After a two-and-a-half year restructuring saga, struggling Singaporean utility Hyflux has been placed into judicial management with immediate effect.

16 November 2020

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