Regional news: Indonesia
Singapore schemes sanctioned in new firsts for Asiatravel.com and MNC
Online travel agency Asiatravel.com has secured a Singapore scheme alongside an unprecedented second round of rescue financing, while Trump partner MNC Investema has become the first Indonesian company to implement a pre-packaged scheme in the city-state.
01 February 2021
Ashurst advising as Norwegian oil services group secures scheme meeting
The holding company for a Norwegian seismic imaging group has secured a single meeting for some of its creditors to vote on an English scheme restructuring US$872 million of debt.
21 December 2020
Hong Kong miner’s winding-up hearing adjourned amid share dispute
A Hong Kong court has adjourned a winding-up petition against an international mining company for a second time, raising concerns over shareholders’ attempts to convert an equity contribution into a debt claim.
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
Indonesian property group secures Singapore moratorium with noteholder carve-out
A Singapore court has granted a moratorium to Indonesian real estate group Modernland Realty, approving a carve-out on its extra-territorial effect on noteholders.
06 November 2020
Airline roundup: LCWP acting for lessors in contentious AirAsiaX restructuring
Kuala Lumpur-based Lim Chee Wee Partnership is acting for leasing company BOC Aviation in its efforts to derail Malaysian airline AirAsia X's scheme of arrangement – while Indonesia’s Lion Air is facing a bankruptcy application and Japan’s ANA Holdings has announced a number of cost-cutting measures.
27 October 2020
Indonesian textile group wins US recognition
A New York court has recognised the reorganisation of a Java-based textile group, as part of a multinational restructuring that has seen proceedings play out in the US, Indonesia and Singapore.
13 October 2020
MNC launches Singapore scheme as other Indonesian debtors follow lead
Jakarta-based conglomerate MNC Investema has launched a pre-packaged scheme in Singapore, months after it became the first Indonesian company to secure a moratorium in the city-state – and other Indonesian companies have already followed suit.
07 October 2020
Hyflux investor shares frustrations as JM hearing awaited
Stock exchange filings in Singapore reveal frustration between lawyers of a vehicle managed by Indonesian tycoon Johnny Widjaja that is a potential investor in Hyflux’s debt, and counsel to a group of banks trying to place Hyflux under judicial management.
17 September 2020
Singapore appeal court reverses Indonesian recognition
Singapore’s Court of Appeal has set aside the recognition of four Indonesian personal bankruptcies, finding the bankruptcy orders were made in “breach of natural justice”.
28 August 2020
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