Regional news: Singapore

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

Singapore moratorium does not block directions order appeal, court finds

In a novel decision determining what types of proceedings are caught by a statutory moratorium in Singapore, a court has found the judicial managers of vessel owning Xihe Group did not need leave to appeal a ruling over the level of priority that should be afforded to charterparty debts in sister company Ocean Tankers’ liquidation.

21 February 2022

Singapore court weighs in on whether lock-up fees fracture scheme classes

A Singapore court has examined for the first time whether lock-up fees can have the effect of fracturing a class of creditors in a scheme of arrangement, relying on English and Hong Kong authorities to set out a trio of principles that judges should look out for.

18 February 2022

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

Indonesia’s Pan Brothers seeks US recognition of Singaporean pre-pack

Indonesian garment manufacturer Pan Brothers has sought Chapter 15 recognition in New York to effectuate its Singaporean pre-packaged scheme of arrangement that was sanctioned last month.

07 February 2022

Sontchi talks Singapore on new III podcast

Judge Christopher Sontchi, who in November announced plans to step down from the Delaware bankruptcy bench to take up a new position on the Singapore International Commercial Court, has described how he is hoping to help the city-state attract more international insolvencies.

25 January 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

Hiap Seng enters subscription agreement with Singaporean logistics group

Struggling oil and gas services provider Hiap Seng Engineering has entered an agreement with Singapore-headquartered logistics group Vibrant and the chief executive of construction company CGC Group, which will see them subscribe to almost US$6 million of new shares to help pay off its debts.

10 January 2022

Singapore court orders bank statements' release for Wirecard insolvency

In a rare move, a Singapore court has cleared the use of bank statements as evidence in defunct payment processor Wirecard's German insolvency proceedings.

07 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

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