Regional news: Asia-Pacific

New Silkroutes Group seeks moratorium in Singapore after asset sales falter

Shook Lin & Bok and KordaMentha are advising a Singaporean investment holding company that has applied for a moratorium amid a delayed restructuring with a Canadian group, a failed deal to sell some dental clinics, and letters of demand from a bank.

16 January 2023

Marelli: a first-of-its-kind restructuring in Japan

After representing automotive supplier Marelli in the first-ever use of simplified rehabilitation proceedings to cram down minority creditors in Japan, Jones Day partner Chris Ahern and Mori Hamada & Matsumoto partner Dai Katagiri and senior associate Ryo Kawabata tell GRR why the company was well-suited to being a test case and discuss Japan's plans to enact new laws to tackle potential drawbacks highlighted by the case.

11 January 2023

China Fortune Land alters English scheme amid new Russia sanctions

Struggling Chinese property developer China Fortune Land Development has been forced to amend its English scheme after the UK announced new sanctions that prohibit the provision of trust services to Russian persons or entities.

09 January 2023

Singapore court grants prospective priority to creditor funding liquidator’s investigations

In what appears to be the first reported decision concerning section 204 of Singapore’s Insolvency, Restructuring and Dissolution Act, the Singapore High Court has ruled that courts have the power to confer an advantage on creditors who provide liquidators with funding and an indemnity to cover their investigations and asset recovery work.

05 January 2023

3AC liquidators can subpoena co-founder through Twitter

The foreign representatives of crypto fund Three Arrows Capital have secured permission to subpoena one of its co-founders via Twitter, after allegedly failing in repeated attempts to establish his whereabouts and obtain company information.

04 January 2023

Hong Kong court releases HKA scheme judgment

A court in Hong Kong has released its reasons for sanctioning Hong Kong Airlines’ scheme, saying the company’s dual UK-Hong Kong restructuring should be effective in foreign jurisdictions despite a “remote risk” of enforcement action by mainland Chinese creditors.

03 January 2023

Hong Kong Airlines completes dual Hong Kong-UK restructuring

Just five days after its English restructuring plan was approved, Hong Kong Airlines has secured sanction of its Hong Kong scheme of arrangement, marking the first time that parallel English plan and Hong Kong scheme proceedings have been successfully used to restructure Hong Kong, PRC and English law-governed debts.

15 December 2022

Norton Rose Fulbright announces Atkins as global chair

Norton Rose Fulbright’s global co-head of restructuring Scott Atkins, the current president of INSOL international, is set to become the firm’s next global chair.

14 December 2022

Bahraini bank’s liquidators seek recognition in Cayman and England

Charles Russell Speechlys is seeking recognition of its appointment as liquidator of Bahraini investment bank Awal in the Cayman Islands and England, one month after a Bahraini court ordered the bank’s liquidation following a decade-long administration.

13 December 2022

Sunac reveals offshore debt restructuring plan proposal

Cayman Islands-incorporated real estate developer Sunac China Holdings has outlined preliminary plans to convert US$3 billion to US$4 billion of its offshore debt into shares or equity-linked instruments, in a restructuring that will be implemented by Hong Kong or Cayman schemes.

12 December 2022

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