Restructuring and insolvency

Acting as lead counsel to PT Bumi Resources Tbk in one of the largest and most complex debt restructurings in SE Asia, we navigated complex multilateral negotiations with key creditors and their counsels, including the China Development Bank (CDB), China Investment Corporation (CIC). Providing global advice across Singapore, Indonesia, Mauritius, Seychelles, Cayman Islands, the US and UK, we successfully negotiated the 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. This has been widely recognised as one of the largest deals of the year, winning various Asian legal awards.

We represented creditors, including an international bank and global engineering company, in a high profile restructuring matter valued at over US$2 billion involving a multinational environmental solutions public company based in Singapore.

Our restructuring and insolvency team acted for a debtor in a landmark case where the court declared that a liquidator of the insolvent creditor company could not continue an action which was commenced by the judicial manager of the company at the time the company was in judicial management.

We have advised various banks on enforcement of securities including mortgagees’ sales and specialist advice on disputes relating to real estate and financing transactions, standstill arrangements, restructuring of debts owing to multiple lenders and the taking of securities on a collective basis.

We advised PT Visi Media Asia Tbk ("VIVA"), a listed company in Indonesia operating in the media industry, on the restructuring of approximately US$250 million of their debt under a credit agreement. The restructuring involved a complex inter-creditor agreement.

We acted 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.

We advised our client on a variety of contentious matters related to the acquisition of the Force India Formula One team (FIFOT), including questions around the insolvent administration of FIFOT. Our ability to work quickly and efficiently was pivotal to the success of this case and the winning bid for FIFOT from the client.

We acted for the US parent (Troika Media Group, Inc.) of a well-known UK marketing agency, Mission Media Limited, and its immediate parent company, Mission Media Holdings Limited. Following a dispute between the management of the UK and US companies, the UK companies were placed into administration by their director. Following swift and effective legal advice and strategic guidance, both companies were rescued and exited from administration within 21 days through the provision of emergency funding and working capital to the satisfaction of the administrators and the High Court. This result is a very rare occurrence, as only in a handful of cases has the primary purpose of an administration been achieved.

Representing Diesel, the well-known Italian fashion brand, in the recovery of outstanding amounts owed to it by House of Fraser and a retention of title claim for stock supplied to House of Fraser, in the context of a CVA and subsequent administration and business sale.

Our client, the well-known Italian bank, Unicredit SpA, sought enforcement of an Italian costs order obtained in complex Italian court proceedings against a UK company, Server Plus Limited (‘Server Plus’). We successfully obtained a winding up order against Server Plus, despite its attempts to claim that the liquidation proceedings were a vexatious attempt to bring an end to ongoing Italian proceedings Server Plus had brought against our client and a State third party. Ultimately, Server Plus did not have the funds to meet the debt owed to our client, and is now in liquidation.

Restoring a dissolved company into liquidation to investigate assets<br /> Representing the creditor of a BVI company, we successfully applied for a dissolved BVI company to be restored back into liquidation to enable a liquidator to investigate the whereabouts of the BVI company's assets, believed to be located in Switzerland and Russia. The purpose was to satisfy our client's claims against the company that were unsatisfied at the time the company was originally liquidated and dissolved. This matter has involved cross-border cooperation with practitioners based in Russia, Switzerland, the BVI and the Netherlands. <br />

We successfully applied for the appointment of a BVI Receiver over the shares in and assets of a BVI company, including shares in a Russian company which owns valuable real estate in Moscow. Working with external Russian Counsel based in Moscow, the Receiver was able to protect the Russian real estate to ensure that a BVI Freezing Order would not be breached and a BVI Claim would not go unsatisfied.