Regional news: Singapore
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
Heads-Up: Chong Yee Leong at Allen & Gledhill in Singapore
Featured in Heads-Up
“The development of Singapore into an Asian restructuring hub needs time. We have all the tools necessary to get there, but you need to give us time to develop.” Chong Yee Leong, head of Allen & Gledhill’s restructuring & insolvency practice and co-head of its international arbitration practice, discusses the highs and lows Singapore has faced as it presses on with its bid to become a restructuring hub, and compares them to some of the lessons learned from its 30-year journey to becoming a popular seat for international arbitrations.
08 July 2021
Wirecard’s Indian forex subsidiary sold
The German administrator of scandal-hit payments processor Wirecard has agreed to sell an Indian subsidiary of the company, as he continues to offload assets held around the world.
07 July 2021
Linklaters advising as cruise ship operator completes US$2.6 billion restructuring
UPDATED: A host of law firms have advised on the successful multi-jurisdictional restructuring of Malaysian-controlled cruise ship operator Genting Hong Kong, which halted payments on its US$3.4 billion debt pile in August last year.
06 July 2021
Creditors reject Falcon Energy’s Singapore scheme again
Creditors of global oil trader Falcon Energy Group have voted against its Singaporean scheme of arrangement for a second time.
30 June 2021
Indian bank secures English debt judgment against oil company guarantor
India’s IDBI Bank has obtained a US$239 million English judgment against the Cypriot guarantor of two oil companies that entered liquidation in Singapore two years ago.
29 June 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
Oslo-listed Prosafe taps Clifford Chance and Schjødt for Singapore restructuring
Clifford Chance and Norwegian firm Schjødt are advising Oslo-listed accommodation vessel operator Prosafe in a US$1.1 billion debt restructuring that has so far taken in a moratorium in Singapore and a recognition application in Scotland.
24 June 2021
Milbank, Conyers and KWM advising as Chinese energy group restructures
Chinese solar power company GCL New Energy has completed a restructuring of its US$500 million senior notes after securing sanction of a Bermudian scheme of arrangement.
23 June 2021
No confidentiality issues between Rajah & Tann and Lim family, court says
The High Court of Singapore has explained its refusal to join the owners of oil trader Hin Leong and shipping company Ocean Tankers to injunction proceedings against the companies’ counsel Rajah & Tann.
21 June 2021