Client update – December 2021 – 4 years on …….

“It always seems impossible until its done”
-- Nelson Mandela

We turned 4 years old (click here for our 1-year update, 2-year update and 3-year update).

It has been an incredible year that has surpassed all expectations. We are thankful to be involved in multiple high profile and ground-breaking restructuring transactions during 2021. Key transactions include:

  • Pacific International Lines (Pte) Ltd: Acted as Chairman of the scheme meeting and Scheme Manager for US$1 billion scheme of arrangement. The scheme is part of a comprehensive debt restructuring and recapitalisation plan involving a US$600 million capital injection and is one of the largest debt restructurings in Singapore enacted under the Insolvency, Restructuring and Dissolution Act (and its predecessor laws) (click here for more information)

  • Prosafe SE (OSX: PRS): Acted as Chairman of the scheme meeting and Scheme Manager for US$1.1 billion scheme of arrangement. The scheme involves a debt for equity conversion and is one of the largest debt restructurings in Singapore enacted under the Insolvency, Restructuring and Dissolution Act (and its predecessor laws) (click here for more information)

  • iflix Pte Ltd: Acted as financial advisor and Scheme Manager on first “pre-packaged” scheme of arrangement under Section 71 of the Insolvency, Restructuring and Dissolution Act. The pre-packaged scheme was implemented together with a parallel corporate voluntary arrangement (CVA) in Malaysia as part of a broader iflix Group restructuring and sale of business and assets (click here for more information)

  • Viking Offshore and Marine Ltd (SGX: 1Y1): Advised on debt restructuring and recapitalisation involving senior lender debt settlement, "pre-packaged" scheme of arrangement involving a debt for equity conversion and new equity injection. Role included acting as Scheme Manager (click here for more information)

  • Capital World Ltd (SGX: 1D5): Acted as financial advisor and Scheme Manager on “pre-packaged” scheme of arrangement under Section 71 of the Insolvency, Restructuring and Dissolution Act. The scheme is sanctioned by Court and completion is subject to satisfaction of conditions precedents (click here for more information)

We are grateful to our clients, partners and friends who have supported and trusted us. Thank you for your support, trust and believing in us to work on your most important transactions.

Finally, we wish you a joyful holiday season and a successful 2022.

David Chew31-60