Acting for HSBC as a creditor
Represented HSBC as a creditor in actions against debtor companies and their guarantors ranging across corporate schemes of arrangements, individual voluntary arrangements, winding up and bankruptcy proceedings.
Attempted restructuring and subsequent insolvency of ZenRock
Represented the interim judicial managers, judicial managers and the current liquidators (from KPMG) in all aspects of the attempted restructuring and subsequent insolvency of ZenRock.
One of the first judicial managements ordered in Singapore in respect of a foreign-incorporated company
Represented Top Capital Securities Pte Ltd, a creditor of 8Telecom International Co. Ltd. (a Bermuda company listed on the Mainboard of the Singapore Exchange (SGX)). The matter involves a novel issue under Singapore law of whether a judicial management application can be allowed to proceed before the Singapore courts given that the underlying subscription agreement contained an agreement to arbitrate.
Preserving the value of 15 vessels
Represented FTI Consulting in their capacity as the Judicial Managers of 6 SPVs owned by Xihe Capital Pte Ltd, which collectively own 15 vessels (including unfinished vessels).
Scheme of arrangement proceedings and realisation of security
Represented UOB against KH Foges Pte Ltd, a major construction company in the business of piling, civil engineering, foundation, and geotechnical engineering works, which was a controlling shareholder of Swee Hong Limited, a company which was listed on the Mainboard of the Singapore Exchange.
Highly publicised insolvency
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.
Marco Polo group debt restructuring
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.
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'.