Restructuring and insolvency in Indonesia

ABNR Counsellors at Law

ABNR Counsellors at Law has advised on a number of complex bankruptcies in the region involving court supervision, objecting bondholders and corruption charges. Emir Nurmansayah leads the practice and has been notably active in bankruptcies involving the natural resources sector. The practice has particular insight in this space through its restructuring and insolvency specialist Theodoor Bakker, who has advised on foreign law issues of bankruptcy reform in Indonesia.

Practice head(s):

Mr. Emir Nurmansyah

Work highlights

  • Counsel to Singapore-based offshore oil and gas field services group as creditor in the court-supervised debt restructuring of PT Apexindo Pratama Duta Tbk.
  • Counsel to a Netherlands-based bank as creditor in the court-supervised debt restructuring of Duniatex goup companies
  • Advised on BTEL’s court-supervised local debt restructuring.

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie has been involved in major restructuring and insolvencies in the market, as illustrated by its recent instruction from 28 onshore and offshore financial institutions on two separate court-supervised restructurings of the major textile manufacturer Daniatex. Andi Kadir led on that particular matter and typifies his expertise in cross-border mandates. Managing partner and renowned litigator Timur Sukirno is a founding member of the Indonesian Receivers and Administrators Association and has extensive experience in suspension of payment process, out of court settlements and bankruptcy proceedings.

Practice head(s):

Timur Sukirno; Andi Kadir

Work highlights

  • Acted for 28 offshore and onshore financial institutions constituting members of three syndicate group of lenders and bilateral lenders with a total value of claims around $450m, representing 1/3 of the total verified creditors’ claims and 2/3 of the total numbers of secured creditors, in two high profile court-supervised restructuring processes initiated in parallel by six entities in the Duniatex group of companies.

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills is led by disputes and restructuring specialist Debby Sulaiman who has advised on restructurings and bankruptcies both inside and outside of the courts and is particularly strong in handling matters involving multiplied jurisdictions. Her recent engagements have involved court supervised debt restructurings and NPL works involving Asian, European and Middle Eastern regions.

Key clients

CIMB Bank (L) Limited

SC Lowy

Work highlights

  • Advised IFC and DEG on the restructuring of their loans to the Wintermar group
  • Advised SC Lowy as a secured creditor in the court-supervised debt restructuring of mining companies PT Bara Jaya Utama and PT Kalimantan Prima Nusantara
  • Advised LG on the court-supervised debt restructuring of Indonesian mining company PT Atlas Resources Tbk

SSEK Legal Consultants

SSEK Legal Consultants is well known for court-supervised debt restructurings and arbitration, corporate restructurings, and is a leading firm for handling non-performing loans. Michael Carl is an important figure in the market and highly skilled in complementary areas such as banking and corporate law. Dewi Savitri Reni is another key name noted for her particular experience in the automotive and oil and gas sectors.

Key clients

General Motors

American Express

General Electric

CGI Group Holdings Ltd.

Credo Group

Arpeni Pratama Ocean Line

Berlian Laju Tanker


Ford Motor Company



Work highlights

  • Assisted an eyewear manufacturer with voluntary bankruptcy proceedings, which included filing a bankruptcy application, and then with the distribution of the company’s assets.
  • Assisted General Motors with the planned exit of its manufacturing business from Indonesia and the restructuring of its business in Indonesia.
  • Acted fora financial services company in acquiring a profile of non-performing loans, and then assisted in working out a few of the NPLs.

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners has partners from its banking and finance and dispute resolution teams that regularly advise on major restructuring and insolvencies, more specifically in takeovers, recapitalisations and asset recoveries. Banking and finance head Ibrahim Sjarief Assegaf has been advising on debt restructuring, the suspension of debt payments, as well as the restructuring of a Sharia financed structure. Litigator Eri Hertiawan works alongside the team when the bankruptcy goes to arbitration or litigation.

Key clients

PT Sumberdaya Sewatama

PT Royal Industries Indonesia

TAEL Partners

PT Bank Danamon Indonesia Tbk

PT Bank Permata Indonesia

Raiffeisen Bank International A.G. (Singapore Branch)

Intesa Sanpaolo S.p.A. (Hong Kong Branch)

HSBC Bank plc

Pathfinder Strategic Credit II LP

ACP I Trading LLC

PT Matsuzawa Pelita Furniture Indonesia

PT Apexindo Pratama Duta Tbk

PT Bank Maybank Indonesia Tbk.

PT Bank HSBC Indonesia

PT Bank Mandiri (Persero) Tbk.

Work highlights

  • Indonesian counsel to PT Sumberdaya Sewatama on their second round of debt restructuring.
  • Represented PT Matsuzawa Pelita Furniture Indonesia in a suspension of debt payments trial filed by PT Resaltar Prima and PT Resaltar Tech Indonesia.
  • Represented PT Bank Maybank Indonesia Tbk. during the PT Anugrah Kembang Sawit Sejahtera’s bankruptcy process.

Budidjaja International Lawyers

Budidjaja International Lawyers commands a steady stream of work in this space, covering both court and out-of-court restructuring and insolvencies. Managing partner Tony Budidjaja leads the practice and has expertise in both litigation and arbitration, with notable instructions involving the shipping and food and beverage sectors.

Practice head(s):

Tony Budidjaja

Makarim & Taira S.

Makarim & Taira S. advises on bankruptcy, restructuring, and insurance liability issues. Leading the team is Lia Alizia, who is very strong in advising multinational companies on restructuring issues. Kurniawan Tanzil, who heads the banking and finance team, is also very experienced in handling debt restructurings.

Practice head(s):

Lia Alizia

Key clients

Yonder Music

Kerry Group Plc

Blueback Global

Club Med Asia Pacific

Media Development Investment Fund

Kepco SPC Power Corporation

Axis Bank

Tjajo & Partners

Tjajo & Partners is a key name in the domestic market, acting for both public and private Indonesian companies on debt restructuring and refinancing. Founding partner Rambun Tjajo leads the practice and has extensive experience in debt restructuring deals.

Practice head(s):

Rambun Tjajo

Work highlights

  • Advising Semen Indonesia to acquire another financing round from syndicated local financiers in relation to its acquisition of a bankrupt cement company.
  • Assisting Asia Pacific Investama in its debt restructuring of $20m.

Walalangi & Partners in association with Nishimura & Asahi

Walalangi & Partners (in association with Nishimura & Asahi) has a carved a niche in its largely Japanese client base, often advising them in relation to Indonesian debtors. Leading the team is managing partner Luky I. Walalangi, whose has a very broad skillset across banking and corporate law which includes acting on restructuring and insolvencies.

Practice head(s):

Luky I. Walalangi

Key clients

Nippon Steel Corporation

Bizzy Group (HK) Limited

Work highlights

  • Advised Nippon Corporation in its total of $7 b injection to the bankrupt Essar Steel India Limited.
  • Advised Bizzy Group Limited in its the financing and internal group restructuring project byway of acquiring certain Indonesian companies.