Regional news: Thailand
Singapore court offers guidance on “sufficient connection” as Zipmex moratoria granted
Hoping to assist practitioners as the crypto winter ushers in a new period of activity for the restructuring industry, the High Court of Singapore has published brief grounds for its decision to extend moratoria for foreign companies within the Zipmex group.
17 August 2022
Creditor challenge against seldom-used UK moratorium rejected
In the first English court decision to consider the new moratorium provisions enacted in the UK in 2020, Sir Alastair Norris has rejected a challenge from a Thai creditor against moratoria secured by a group of companies that operate some of the UK’s best-known upmarket restaurants.
17 February 2022
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
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
Thai Airways plan gets court approval
Thai Airways’ rehabilitation plan has received court approval in Bangkok, after opposition from two creditors was rejected.
16 June 2021
Creditors support Thai Airways plan – but there’s a long haul ahead
Creditors of Thai Airways have voted in favour of what one lawyer has described as a “vague” restructuring plan, which envisages the airline being in rehabilitation until at least 2025.
21 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
Thai Airways submits plan but creditors yet to see it
Thai Airways’ rehabilitation planners have submitted a restructuring plan before a Bangkok court as well as the country’s official receiver and its stock exchange managers, but creditors’ counsel say their clients are yet to see its contents.
02 March 2021
Creditors approve KrisEnergy’s Singapore scheme
Cayman-incorporated oil and gas group KrisEnergy has secured creditor support for its Singaporean scheme of arrangement as part of a restructuring of its US$477 million debt pile.
19 January 2021
Community roundup: hires at Simmons, Dentons and Hunton Andrews Kurth, as Begbies Traynor acquisition launches it offshore
Simmons & Simmons, Dentons and Hunton Andrews Kurth have hired in London, Portland in Maine and Bangkok respectively; while Begbies Traynor has acquired insolvency advisory group CVR Global, adding its first overseas offices.
18 January 2021