Regional news: Indonesia

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

Hyflux banks prepare judicial management application

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

SGX listing is “substantial connection” for Indonesian group's Singapore moratorium

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

Hyflux receives another Indonesian investment offer

Indonesian tycoon Johnny Widjala has made a S$400 million investment offer to struggling Singaporean water treatment company Hyflux, as its long-running restructuring saga continues with new investigations into the company and its current and former directors.

30 June 2020

WongPartnership seeks discharge from Hyflux restructuring

Struggling Singaporean utility Hyflux has secured another month-long extension to its debt moratorium after WongPartnership applied to discharge itself as counsel to the company, with Norton Rose Fulbright or Milbank primed to take over.

29 January 2020

Names to know in Indonesia

Featured in Worked Out

To be successful in Indonesia, relationships are everything. GRR presents a guide to the firms and individuals it’s essential to know in Indonesia’s restructuring market.

31 October 2019

Try to be good – avoiding corruption in Indonesia’s restructurings

Featured in Worked Out

Indonesia has a reputation for casual corruption, allied with a court system riddled with inefficiencies both innocent and malign. That has scared off a lot of non-Indonesians from entering the country – but it isn’t difficult for practitioners, especially on the corporate side, to build a successful practice with clean hands.

31 October 2019

There’s always a deal to be done: conflict and cooperation in Indonesia

Featured in Worked Out

Indonesia’s bankruptcy law provides remarkable latitude for workouts, so long as they can get creditor support – but the efforts to reach those compromises can see both sharp practices and consensual negotiation.

31 October 2019

An unpredictable landscape

Featured in Worked Out

Forged in the fires of the Asian financial crisis, Indonesia’s bankruptcy law has some surprising idiosyncrasies and encourages a restructuring culture defined by pragmatism and flexibility. In other words, it doesn’t look like any other bankruptcy law in the world.

31 October 2019

An unpredictable landscape: Indonesia Worked Out

Featured in Worked Out

The latest in GRR's 'Worked Out' series examines Indonesia, one of the most populous and resource-rich economies in the world – but one where restructurings can be unpredictable and deals opaque. By Douglas Thomson in Jakarta and Singapore

31 October 2019

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