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CREDITORS OF LARGER LOANS DO NOT AUTOMATICALLY HAVE GREATER RIGHTS THAN CREDITORS OF SMALLER LOANS

October 2010 - Finance. Legal Developments by Drew & Napier LLC .

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In April 2010, the Singapore High Court found Silverlink Holdings Limited (“Silverlink”), the parent holding company of luxury resort chain, Amanresorts, liable for breach of contract for failing to issue convertible loan notes to the Plaintiffs, two companies owned by the Schroder Asian Properties (“SAP”) Fund.  

The convertible loan notes were to be issued as part of a complex fund raising exercise which involved creditors extending varying loan amounts to Silverlink in exchange for convertible loan notes which contained extensive rights to control the affairs of Silverlink.

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http://www.drewnapier.com/pdf/071010_LegalUpdate.pdf

 


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