05 September 2019 - Article
Acting for KPMG, the judicial managers of Singapore oil trader ZenRock Commodities Trading Pte. Ltd., in a complex and highly publicised insolvency with debts in excess of US$600 million from multiple bank and oil/commodities creditors. Initial investigations by the judicial managers have revealed numerous instances of double financing and suspicious transactions, which has also attracted the attention of the Singapore Commercial Affairs Department.
Acted for Top Capital Securities Pte. Ltd., a creditor of 8Telecom International Co. Ltd. (a Bermuda company listed on the Mainboard of the Singapore Exchange (SGX)), in a successful application to place 8Telecom under judicial management in November 2019 despite opposition from the company which sought to stay the judicial management proceedings in lieu of arbitration. This is one of the first judicial managements ordered in Singapore in respect of a foreign-incorporated company.
Acted for Singapore-listed offshore marine company Marco Polo Marine Ltd. in the debt restructuring of its S$50 million 5.75% notes due October 2016, as well in the subsequent renaming and comprehensive S$250 million debt restructuring exercise of the Marco Polo group’s secured and unsecured liabilities in both Singapore and Indonesia by way of Singapore schemes of arrangement.
Acted for Ausgroup Limited in the debt restructuring of its S$110 million 7.45% notes due October 2016.
Represented Ferrier Hodgson, the receivers and managers of the owner and operator of the iconic Singapore Flyer, the world’s largest observation wheel, in the S$140 million receivership sale of its business and assets.
Acting for a major European bank on the deleveraging of its US$700 million portfolio of Indonesian distressed and non-performing loans.
Acted for Ezion Holdings Limited in an action commenced by one of its noteholders for a declaration relating to the interpretation and effectiveness of a trading suspension put option in the terms and conditions of its notes.
Acted for Deloitte & Touche, the judicial managers and subsequently liquidators of Poh Lian Construction (Pte.) Ltd., a Singapore-based construction company with a total of over S$1 billion in contract value and more than 600 known local and regional creditors.
Acting for KordaMentha, the judicial managers of Singapore-listed Oriental Group Limited, in a creditors’ scheme of arrangement and potential reverse takeover exercise.
Acted for SK Energy International Pte Ltd, a Singapore subsidiary of the South Korean SK Group, in the liquidation of OW Bunker Far East (S) Pte Ltd.
Acted for FTI Consulting, the judicial managers and subsequently liquidators of CCM Industrial Pte Ltd, in an unfair preference litigation against a previous director of the company.
Acted for the liquidators of a Mauritius company involved in the hard disk drive industry with operations based in China, Thailand and Singapore. The liquidation proceedings and ensuing liquidation sale process were opposed by the company’s minority shareholder, and the dispute was appealed up to the Privy Council, where the liquidators prevailed.
Acted for Trikomsel Pte. Ltd. In the US$460 million debt restructuring of its parent, PT Trikomsel Oke Tbk.
Acted for various bank creditors in the US$1 billion debt restructuring of PT Trans-Pacific Petrochemical Indotama and Java Energy Resources Pte Ltd.
Acted for various Singapore-listed companies in solvent schemes of arrangements relating to the companies’ privatisation and/or corporate reorganisation.
Advocate & Solicitor, Supreme Court of Singapore (2003)
Law Society of Singapore, Member
Singapore Academy of Law, Member
Securities Investors Association (Singapore) Corporate Governance Week, Investor Forum (2017), ‘Rights of Noteholders in a Restructuring’.
Fraud, Asset Tracing and Recovery Asia (2015), ‘The Role of Insolvency Administrations in Global Asset Recovery’.