Regional news: Indonesia

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

Indonesia’s Modernland tables Singaporean pre-pack schemes

Indonesian real estate group Modernland Realty has launched a pair of pre-pack Singaporean schemes of arrangement to restructure New York law governed notes – and will seek recognition of them in the US.

28 June 2021

Indonesian flag carrier hires Cleary after sukuk default

Troubled airline Garuda Indonesia has retained Cleary Gottlieb Steen & Hamilton after missing an Islamic bond payment, amid speculation of an imminent restructuring filing.

23 June 2021

Gibson Dunn advising as Indonesian clothing manufacturer seeks US recognition

Indonesian clothing company Sri Rejeki Isman has filed Chapter 15 petitions in New York to have its PKPU and Singaporean proceedings recognised, with Gibson Dunn & Crutcher, REVLaw, AJCapital Advisory and Aji Wijaya & Co taking roles across the different jurisdictions.

08 June 2021

Baker & McKenzie advises Indonesian garment manufacturer on worldwide moratorium

A Singaporean court has granted Indonesian garment manufacturer Pan Brothers and its subsidiaries an interim worldwide moratorium, after a creditor applied to put it in PKPU proceedings in Jakarta.

04 June 2021

The post-pandemic restructuring landscape - three trends from Asia

Against the backdrop of the covid-19 pandemic and soon-to-be-rescinded government support schemes, local principal Emmanuel Chua and associate Shriram Jayakumar at Baker & McKenzie Wong & Leow in Singapore discuss three key trends to look for in the "new normal".

20 May 2021

Lion Air leasing dispute falls foul of English service rule

An aircraft leasing group that is trying to sue Indonesian and Thai subsidiaries of Asia’s Lion Air in England should have sought permission for service out of the jurisdiction before applying for alternative service, a court has found, in a dispute playing out against parallel conciliation proceedings in France.

28 April 2021

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