Regional news: Indonesia

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

Alvarez & Marsal moves into Indonesia

Alvarez & Marsal has launched a new restructuring and turnaround practice in Jakarta, making its expansion into Indonesia with an appointment from financial services and leasing group ORIX Corporation.

21 September 2021

Modernland pre-pack schemes sanctioned in Singapore

Indonesian real estate group Modernland Realty has secured court approval of a pair of Singaporean pre-packaged schemes of arrangement, prompting its counsel to predict an increase in use of the new procedure.

31 August 2021

Indonesian court recognises Singaporean moratorium

An Indonesian court has recognised and acted in support of a foreign restructuring for what could be the first time, dismissing a creditor’s PKPU application against garment manufacturer Pan Brothers because it was bound by a worldwide moratorium issued in Singapore.

27 July 2021

Creditors approve Modernland’s Singapore schemes

Indonesian real estate group Modernland Realty has secured creditor approval for two Singaporean pre-pack schemes of arrangement, designed to restructure New York law governed notes.

13 July 2021

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