Drew & Napier’s corporate restructuring and workouts practice is one of …
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Drew & Napier’s corporate restructuring and workouts practice is one of the largest dedicated insolvency and restructuring practice groups in Singapore, and we have been consistently ranked as industry leaders by international independent research houses and publications for many years.
With over 30 lawyers, our team is made up of lawyers with very diverse skill sets, spanning dispute resolution, mergers and acquisitions, capital markets, and finance. This equips us to deal with the complex issues that arise in workouts, the rehabilitation process, and solvent reorganisations.
Our experience includes the divestment of non-core assets, distressed mergers and acquisitions, and debt trading under LMA rules. Our unparalleled strength in litigation also means our clients are represented by some of the most formidable advocates in Asia.
Our regional focus and cross-border capabilities
The corporate restructuring and workouts practice also stands out for its regional focus and cross-border capabilities. We have been involved in major workouts in Indonesia for the past 10 years and they continue to make up a significant amount of our work. Most of our matters involve debt and equity securities quoted in Indonesia, Singapore or the United States.
Consequently, we are experienced with the capital market regulations and the bankruptcy codes of various jurisdictions such as the Indonesian PKPU regime and the United States Bankruptcy Code including exchange offers, liquidations, and restructurings under Chapters 7, 11 and 15.
We have been instructed on numerous occasions by Magic Circle and white-shoe firms, as well as other leading international law practices, and these matters comprise some of our largest restructurings. Through our network of top tier restructuring practices around the region, we coordinate and work with local lawyers to provide the best advice for each jurisdiction.
For more information, visit www.drewnapier.com.
- GRR 30 firm for two consecutive years since 2018, and the highest-ranked cross-border restructuring team in Singapore.
- Sushil Nair, Julian Kwek and Blossom Hing are identified as leaders in the field in Who’s Who Legal: Restructuring & Insolvency (2019).
- Sushil Nair is listed in Who’s Who Legal Thought Leaders: Insolvency & Restructuring (2018); he is also recommended as Best Lawyers’ Insolvency and Reorganisation Lawyer of the Year for Singapore (2019).
- Chambers Asia-Pacific (2019): listed in band one for restructuring and insolvency for 12 consecutive years.
- IFLR1000 (2019): tier one in restructuring and insolvency for 12 consecutive years.
- The Legal 500 Asia-Pacific (2019): tier one in restructuring and insolvency for eight consecutive years.
We have been appointed to handle complex cases including the following.
- Asia Pulp & Paper’s US$16 billion debt restructuring, one of the world’s largest restructuring exercises that involved about 150 subsidiaries worldwide. Its creditors include export credit agencies of various countries, public and institutional investors, financial institutions and government agencies.
- Pacific Andes Resources Development Limited’s US$2.5 billion restructuring that had to be coordinated across multiple jurisdictions. We successfully obtained from the Singapore court a moratorium on all legal proceedings against the company, with a view to restructuring its debt.
- PT Bumi Resources’ US$5.23 billion debt restructuring, one of the largest restructuring transaction in Indonesia and South East Asia, where we helped to formulate a restructuring of the overall indebtedness of the Bumi Group and sought creditor protection in both Singapore and the USA.
- Ezra Holdings Limited’s US$1.49 billion cross-border restructuring under Chapter 11 of the US Bankruptcy Code, followed by judicial management under Section 227 of the Singapore Companies Act. This is the first restructuring that applied the cross-border protocol adopted by the Singapore Supreme Court under the Judicial Insolvency Network initiative.
- Nam Cheong Group’s US$1.35 billion restructuring, including US$240 million bonds issued and listed on the Singapore Exchange, via a parallel and inter-conditional schemes of arrangement that involved the issuance of restructuring shares and the launch of a rights issue to raise funds for the upfront cash payment option under the schemes.