Regional news: Indonesia
Irish lessors lose latest attempt to wind up Indonesia’s Garuda in Australia
Indonesian flag carrier Garuda has fought off a second attempt by two Irish lessors to wind it up in Australia and undo a US$9.5 billion restructuring approved by a Jakarta court last year.
16 June 2023
Singaporean liquidator ousted as court clarifies meaning of “creditor”
The liquidator of a Singaporean holding company with interests in an Indonesian coal miner has been removed from office and replaced with a team from Quantuma, after the Singapore High Court found he failed to exercise “sufficient vigour” in carrying out his duties.
12 April 2023
Garuda wins Ch15 recognition but Irish lessors prepare for fight
Indonesia’s national airline has secured US recognition of its US$9.5 billion restructuring plan, but two Irish lessors said they will resist attempts by the company to seek enforcement orders.
27 October 2022
Singapore court offers guidance on “sufficient connection” as Zipmex moratoria granted
Hoping to assist practitioners as the crypto winter ushers in a new period of activity for the restructuring industry, the High Court of Singapore has published brief grounds for its decision to extend moratoria for foreign companies within the Zipmex group.
17 August 2022
Indonesian court approves Garuda restructuring
A Jakarta court has ratified Indonesian flag carrier Garuda's US$9.5 billion restructuring after the airline won approval from 95% of its creditors last week.
28 June 2022
Cayman court rules on when a beneficial owner can pursue winding up
A Cayman court has issued its reasons for permitting the 1MDB-linked beneficial owner of shares in a local investment vehicle, to convert the vehicle's voluntary liquidation into a court-supervised winding up, where proceedings to vindicate share rights can normally only be brought by a registered shareholder under Cayman law.
03 May 2022
ABLI webinar: Utilising foreign jurisdictions to restructure Indonesian companies
English law seems to contradict the principles incorporated in the UNCITRAL Model Law, according to a speaker at a recent webinar hosted by the Asian Business Law Institute, where panellists also discussed foreign law considerations in Singaporean and Indonesian restructurings.
13 April 2022
Pan Brothers wins Ch15 recognition, defers restructuring date
Indonesian garment manufacturer Pan Brothers has received recognition of its Singaporean scheme in New York, and immediately announced plans to defer the date by which it must complete its restructuring.
09 March 2022
Indonesia’s Pan Brothers obtains Singapore scheme sanction
Indonesian garment manufacturer Pan Brothers has had its pre-packaged scheme sanctioned in Singapore, months after an Indonesian court recognised its moratorium in the city state.
17 January 2022
Garuda plans dual Indonesia-UK restructuring after creditor triggers first airline PKPU
Flag carrier Garuda Indonesia will become the first airline to attempt to restructure via an Indonesian suspension of payments process, as it also plans to launch a simultaneous scheme of arrangement in the English courts.
14 December 2021