18 October 2019 - Article
Lead counsel to PT Bumi Resources Tbk. one of the largest coal exporters in the world in its successful US$4.5 billion debt restructuring. The matter included a PKPU court supervised restructuring in Indonesia and Chapter 15 recognition in the United States, culminating in exchange of US$4.5 billion of international loans and bonds for new senior loans and bonds, mandatory convertible bonds (MCBs) and contingent value rights (CVRs) as well as new equity. Led complex multilateral negotiations with key creditors and their counsels, including the China Development Bank (CDB), China Investment Corporation (CIC). Responsible for providing US and UK advice and coordinating teams of local counsel in Indonesia, Mauritius, Seychelles and Cayman Islands. This was one of the largest and most complex debt restructurings ever completed in SE Asia and was awarded "*Finance Deal of the Year: Insolvency and Restructuring*" at Asian Lawyer’s Asia Legal Awards 2018, "*Debt Market Deal of the Year (Premium)*" at the 2018 ALB SE Asian Law Awards, as well as recognised as one of the Asian-Mena Counsel’s Deals of the Year for 2017.
Lead counsel to PT Visi Media Asia Tbk. a listed company in Indonesia operating in the media industry, on its restructuring of its loan. The restructuring involved a complex inter-creditor agreement.
Acting for PT Bakrie Sumatera Plantations Tbk., one of the oldest plantation companies in Indonesia which is listed on the Jakarta stock exchange, in the restructuring of its syndicated bank loan and equity linked notes.
Advised Long Haul Holdings Ltd. and PT Bakrie & Brothers Tbk (Bakrie Group) in March 2014 in the acquisition of a 29.2% interest in PT Bumi Resources Tbk from Asia Resource Minerals plc (formerly Bumi plc) (ARMS) for US$501 million in cash, and the disposal of the Bakrie Group’s entire 23.8% indirect interest in ARMS to Ravenwood Acquisition Company Limited. This is one of the most significant and complex transactions in recent times in both the UK and Asia. This cross-border deal straddled legal and business issues in Singapore, Indonesia, England and Wales.
England and Wales, 2007
Solicitor’s Regulation Authority, UK
INSOL Younger Members Committee
American Chamber of Commerce, Singapore
Law Society of Singapore
Singapore Academy of Law