In the news – First pre-pack scheme approved under Singapore’s IRDA (Global Restructuring Review)
Read on for the GRR article on the completion of the first pre-packaged scheme under Singapore’s Insolvency, Restructuring and Dissolution Act (“IRDA”).
We commented on:
Fast-tracking and saving time and costs – “This is a ground-breaking transaction showcasing the tools available for distressed companies to fast-track pre-negotiated schemes in Singapore and preserving value for creditors that would otherwise have been lost in drawn out negotiations.”
Re-writing the restructuring playbook – “This case rewrites the restructuring playbook and long-established restructuring practises by utilising the tools in the IRDA to maximise stakeholder value. Unlike traditional restructurings, which can plod on for years as companies develop restructuring plans to be put before creditors, this transaction involved a sale on an accelerated basis and creditor consent on the scheme and manner of distribution within a 6 month timeline.”
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