IFLR 1000
The Guide to the World's Leading Financial Law Firms

	Clifford Chance
	Allen & Overy O'Melveny & Myers
	Baker & McKenzie.Wong & Leow Herbert Smith Latham & Watkins Linklaters Allen & Gledhill Milbank Tweed Hadley & McCloy Norton Rose Shearman & Sterling White & Case
	Ashurst Gibson Dunn & Crutcher

Restructuring and insolvency work has not really touched the heights that people expected in the wake of the credit crunch. This is partly down to the fact that Singaporean banks were perhaps not as badly exposed to those deals and products that caused the most damage.

This is not to say that they were not effected and despite a slight pick-up, a relatively low level of liquidity points to the fact that many institutions still have issues of concern on their balance sheets and are simply playing an elongated game of extend and pretend.

This attitude is helped by the general atmosphere in the country, which encourages actions and procedures tilted towards rescue and recovery rather than those which could lead to insolvency.

However this approach has been tested at times when cases have gone as far as the courts. For example, in November 2010 DBS Bank had, for one of its debtors, stopped short of calling in a loan despite the company's repeated failure to repay the amount and had instead settled by taking a charge over shares. This was deemed by the court to be an unfair preference towards one creditor at the expense of others. While this does, as many would deem correct, encourage creditors to be treated equally, such decisions reduce the options available when trying to find an amiable solution, which may in turn lead to more protracted negotiations.

In general though both banks and companies are keen to avoid the courthouse and as a result firms have seen themselves called upon to act as negotiators.

Partner Andrew Brereton is a key figure in the Clifford Chance R&I team and has been involved in several restructuring deals throughout Southeast Asia.One highlight saw him lead a team representing the lenders, Barclays, in the debt restructuring of Jindal Stainless, an Indian steel producer.... [more]

Partner Andrew Brereton is a key figure in the Clifford Chance R&I team and has been involved in several restructuring deals throughout Southeast Asia.

One highlight saw him lead a team representing the lenders, Barclays, in the debt restructuring of Jindal Stainless, an Indian steel producer. As of now, the restructuring of $24 million of foreign currency convertible bonds has closed, with the total value of the restructuring programme reaching $2 billion. Though Brereton is not licensed to practice law in India, he advised the lenders regarding international law.

Partners Lee Taylor and Nish Shetty, along with Brereton, have also advised an investment holding company in Dubai, Istithmar Beach Road, in its disposal of shares of South Beach Consortium (South Beach). South Beach is a joint venture corporation founded by Istithmar Beach Road, Scottsdale Properties and Elad Group Singapore, and owns prime Singapore real estate. Since Istithmar Beach Road is a part of the troubled Dubai World group, it was forced to exit the joint venture and sell its shares to Scottsdale Properties.

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Partner Mark Fairbairn and counsels Damien Coles and Ashley Bell were kept busy last year advising Celestial Nutrifoods, a Bermudan company listed in Singapore with operating assets in China. In a key change from previous cross-border insolvency cases, the firm ensured that the provisional liquidators appointed by Singapore would be recognised in Bermuda, as opposed to the typical route of making parallel appointments in two jurisdictions to streamline the process.... [more]

Partner Mark Fairbairn and counsels Damien Coles and Ashley Bell were kept busy last year advising Celestial Nutrifoods, a Bermudan company listed in Singapore with operating assets in China. In a key change from previous cross-border insolvency cases, the firm ensured that the provisional liquidators appointed by Singapore would be recognised in Bermuda, as opposed to the typical route of making parallel appointments in two jurisdictions to streamline the process.

In another highlight deal, O'Melveny & Myers is advising Royal Chemie Corporation on its merger with Continental Chemicals Corporation. Concurrently, the firm is restructuring $380 million of outstanding liabilities of Continental Chemical Corporation, focusing on the restructuring of a $250 million senior secured term facility via a Singapore arrangement scheme.

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The biggest advantage of Baker & McKenzie.Wong & Leow's Singapore practice is its strong international network.... [more]

The biggest advantage of Baker & McKenzie.Wong & Leow's Singapore practice is its strong international network. Though the firm lacks a dedicated practice for restructuring and insolvency, it is noted for its ability to handle multi-jurisdictional insolvency cases. James Huang, head of the finance and projects practice, is the most active of the two partners and two associates that handle this practice area. The firm's Singapore office, along with its Thailand office, is involved the high-profile G-Steel insolvency case. [hide]

Managing partner David Zemans of Milbank Tweed Hadley & McCloy is a standout practitioner in the restructuring and insolvency area. The firm is especially active regarding Southeast Asian clients with Indonesia a particular focus.... [more]

Managing partner David Zemans of Milbank Tweed Hadley & McCloy is a standout practitioner in the restructuring and insolvency area. The firm is especially active regarding Southeast Asian clients with Indonesia a particular focus.

Zemans, along with partner Giles Kennedy, advised PT Profesional Telekomunikasi Indonesia regarding its $375 million senior and $100 million mezzanine refinancing. Zemans also acted for the shareholders of PT Apexindo Pratama Duta and its subsidiaries regarding a $225 million restructuring of its debt facilities.

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White & Case's restructuring and insolvency practice has acted for an impressive international clientele, including Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank and Lehman Brothers. Though the firm lacks a dedicated restructuring and insolvency practice, partner Kate Allchurch, the head of the banking, capital markets and restructuring practice, and the five other partners in the area all advise clients on related matters.... [more]

White & Case's restructuring and insolvency practice has acted for an impressive international clientele, including Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank and Lehman Brothers. Though the firm lacks a dedicated restructuring and insolvency practice, partner Kate Allchurch, the head of the banking, capital markets and restructuring practice, and the five other partners in the area all advise clients on related matters.

Partner William Kirschner advised Kingfisher Capital, a subsidiary of Lehman Brothers Holdings, regarding the restructuring of PT Bhakti Investama's $104 million convertible bonds, issued in 2007. Kingfisher Capital is the principal bondholder.

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Ashurst's restructuring and insolvency practice is flourishing within the firm's well-regarded international finance team, headed by partner Carl Dunton. The firm's growing reputation in Singapore is bolstered by its escalating profile in developing Southeast Asian markets, where it has handled restructuring matters in countries such as Indonesia, India and the Philippines.... [more]

Ashurst's restructuring and insolvency practice is flourishing within the firm's well-regarded international finance team, headed by partner Carl Dunton. The firm's growing reputation in Singapore is bolstered by its escalating profile in developing Southeast Asian markets, where it has handled restructuring matters in countries such as Indonesia, India and the Philippines. [hide]

Partners John Viverito and Erin Rothfuss lead Gibson Dunn's business restructuring and reorganisation practice, where the firm has acted in several large restructurings and workouts this year. A highlight is the firm's ongoing work for Lehman Brothers Commercial Corporation America, which is in liquidation.... [more]

Partners John Viverito and Erin Rothfuss lead Gibson Dunn's business restructuring and reorganisation practice, where the firm has acted in several large restructurings and workouts this year.

A highlight is the firm's ongoing work for Lehman Brothers Commercial Corporation America, which is in liquidation. Vivierto and Rothfuss, along with partner Saptak Santra, are advising Lehman Brothers regarding its $800 million in financing for various real estate projects in Thailand.

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