Regional news: Indonesia

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

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

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

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

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

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

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’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

An unsecured group of Hyflux’s bank lenders are preparing an application to place it under judicial management, while the embattled Singaporean company has also received new proposals from US and UAE investors.

28 July 2020

A foreign company with securities listed on the Singapore Stock Exchange has a “substantial connection” to Singapore and can apply for a moratorium extension under the new Companies Act, a court has ruled for the first time.

23 July 2020