> Experience > Our practices > Commercial litigation > Restructuring and insolvency
The success of your organization is inevitably exposed to turbulent economic and political conditions, and the world is currently an unpredictable place to be.
Even without those external forces, every business goes through challenging times at some point depending on its stage of growth. As a business leader, your organization going through financial or operational difficulties can be incredibly stressful.In the course of business, you may sometimes find yourself dealing with a business partner with monies owed to you facing a distressed situation. Or if you are a lender or creditor who suddenly finds yourself in a situation where payments owed to you have been defaulted, our team has deep experience to guide you through the situation to devise a strategy which best protects your interests.
As part of a global team of dispute lawyers, we are well-placed to help where your insolvency or restructuring has assets held cross-border.
We were recently counsel to Blue Ocean Resources Limited (BOR) in the successful restructuring of its US$162,465,275 guaranteed senior secured notes due in 2021 issued by BOR and guaranteed by its IDX-listed parent, PT Central Proteina Prima Tbk (CPRO) and certain of its subsidiaries, by way of a scheme of arrangement in Singapore. The transaction involved significant elements including a complicated existing structure comprising two significant debts which were “stapled” together at the outset notwithstanding that they were issued by two separate legal entities. It also involved managing multiple counterparties and processes, often at the same time, in order to meet the timelines imposed by the scheme. As one of the lenders had structured its new money investment by way of a Singapore incorporated variable capital company (VCC), the team was also closely involved in the establishment of the VCC and review of the VCC fund documentation in order to ensure that they were consistent with the group’s interests.
We are proud of our role in creating and defending success at every stage of the business life cycle and do this in and out of court. Clients include multi-national companies, financial institutions, individual directors, trustees and investors as well as advisors and insolvency administrators.
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Partner, Withers KhattarWong* | Singapore
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