DHC Capital advised Asiatravel.com Holdings Ltd (SGX: 5AM) on the first super priority rescue financing in Singapore
DHC Capital advised Asiatravel.com Holdings Ltd (SGX: 5AM) on the super priority rescue financing pursuant to Section 211E(1)(b) of the Companies Act (the “Act”). The rescue financing has a Court order granting priority over all unsecured and preferential debts (as specified in Section 328(1)(a) to (g) of the Act) and is a crucial step in the restructuring of Asiatravel.com Holdings Ltd by way of a scheme of arrangement with its creditors. This is the first successful application for super priority rescue financing under Section 211E of the Act, which came into force on 23 May 2017.
David Chew, DHC Capital Partner and Founder, said “We are delighted to be involved in this ground breaking rescue financing transaction. This is an important first step in the evolution of rescue financing in Singapore and supports Singapore’s ambition to become an international centre for debt restructuring.”
Please click here for our earlier insights on rescue financing under the new laws in Singapore.
About Asiatravel.com Holdings Ltd
Asiatravel.com Holdings Ltd is an online travel company established in 1995 and is listed on the Catalist Board of the SGX. Asiatravel.com Holdings Ltd and certain subsidiaries have applied to the Court pursuant to Section 211B of the Companies Act to seek a moratorium against enforcement actions and legal proceedings by creditors.