Regional news: Malaysia

Pacific Andes wins Ch11 plan confirmations

Two groups of companies that sit within industrial fishing conglomerate Pacific Andes have secured Chapter 11 plan confirmations in New York, after agreeing to remove third-party releases.

17 February 2022

Malaysian court sanctions trio of schemes for construction group

A Malaysian court has sanctioned three schemes of arrangement for construction group Top Builders, throwing out arguments from objecting creditors over class composition and intercompany creditors’ votes.

18 January 2022

Offshore marine operator Ezion Holdings to wind down

Singapore-listed offshore marine operator Ezion Holdings says it plans to enter liquidation after an investment from a Malaysian energy infrastructure company fell through and it failed to complete a US$1.6 billion restructuring.

07 January 2022

AirAsia X wins scheme approval in Malaysia

Malaysia’s budget flag carrier AirAsia X has secured court approval of its scheme of arrangement, which will see unsecured creditors take a haircut of more than 99%.

17 December 2021

AirAsia X creditors vote for initially contested scheme

Creditors of the Malaysian budget airline AirAsia X have voted in favour of what was a contested scheme of arrangement that imposes a more than 99% haircut on unsecured debts.

15 November 2021

Singapore and Malaysia implement cooperation protocol

Singaporean and Malaysian lawyers have welcomed a “ground-breaking” new protocol on court-to-court communication and cooperation in cross-border insolvency matters between the two countries.

15 October 2021

Streamlined proving process approved in Cayman

The Cayman liquidators of a local insurance company have secured court approval of an alternative adjudication process for debt claims, removing the need for thousands of policyholders to lodge separate proofs.

16 September 2021

Design Studio Group restructuring denied after disclosure dispute

Seven months after creditors rejected interior design company Design Studio Group’s inter-conditional Singaporean and Malaysian schemes of arrangement, a Singaporean court has dismissed its latest attempt to restructure due to inadequate disclosure and class composition issues.

13 September 2021

Oon & Bazul guide engineering group’s Singapore scheme filing

International engineering group TEE is seeking help from Oon & Bazul to pursue a scheme of arrangement in Singapore, amid a raft of creditor claims against it and arbitration over a Malaysian construction contract.

13 August 2021

Mainland cooperation arrangement helps Hong Kong court wind up Cayman company

A Cayman company whose main assets are held in mainland China and Malaysia through British Virgin Islands subsidiaries has been wound up in Hong Kong, after a judge reasoned that mainland courts would recognise his order under their new cooperation arrangement.

02 August 2021

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