Hall Of Fame

Restructuring and insolvency in Indonesia

ABNR Counsellors at Law

ABNR Counsellors at Law is instructed on some of the most high-profile and complex restructuring and insolvency mandates in the country, with particular expertise in matters relating to the aviation sector and a track record in respect of work in the oil and gas, construction, and shipping industries. The firm advises both creditors and insolvent companies, and similarly works for both international and domestic clients. Emir Nurmansyah heads the practice and has been involved in the firm’s most substantial restructuring matters, working alongside foreign counsel Theodoor Bakker and Bilal Anwari.

Practice head(s):

Emir Nurmansyah

Other key lawyers:

Theodoor Bakker; Bilal Anwari

Key clients

Citicorp Investment Bank (Singapore) Limited


Airbus SAS

Airbus Atlantic


Air Lease Corporation

Avolon Aerospace Leasing Limited

Export Development Canada

Standard Chartered Bank

Kuok Group

Jangho Group


Dubai Aerospace Enterprise

Work highlights

  • Advised numerous aircraft lessors and manufacturers and other key creditors on the $9.8bn court-sanctioned debt restructuring of Indonesian flag carrier PT Garuda Indonesia (Persero) Tbk.
  • Advised Citicorp Investment Bank (Singapore) Ltd as the trustee of two senior motes on the $1.4bn court-sanctioned debt restructuring of PT Sri Rejeki Isman and its subsidiaries.
  • Advised China State Construction Engineering Corporation Ltd and PT Sarana Abadi Jaya Raya on the $750m court-sanctioned debt restructuring of PT Mahkota Sentosa Utama.

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners has industry strength across the government, financial services, energy, manufacturing, construction and aviation sectors, and has a track record in assisting with some of the most high-profile restructures of major corporate debtors and other stakeholders. The practice is able to draw on the wider capabilities of the firm, with practice head Ibrahim Sjarief Assegaf leveraging his banking and finance expertise to assist related operators with their debt restructuring and insolvency mandates. Eri Hertiawan has extensive disputes experience which he deploys in representing his clients in the proceedings around their restructures. Tracy Tania focuses on transactional matters with a nexus to restructuring and insolvency.

Practice head(s):

Ibrahim Sjarief Assegaf; Eri Hertiawan

Other key lawyers:

Tracy Tania

Key clients

Intesa Sanpaolo S.p.A.

Malaysia Smelting Corporation Berhad

Pathfinder Strategic Credit II LP

PT AEON Mall Indonesia

PT Angkasa Pura I (Persero)

PT Apexindo Pratama Duta Tbk.

PT Bank Danamon Indonesia Tbk

PT Bank HSBC Indonesia

PT Bank Mandiri (Persero) Tbk.

PT Bank Maybank Indonesia Tbk.

PT Bank Permata Indonesia

PT Garuda Indonesia (Persero) Tbk

PT Matsuzawa Pelita Furniture Indonesia

PT Royal Industries Indonesia

PT Sarana Multi Infrastruktur

PT Sri Rejeki Isman Tbk

PT Sumberdaya Sewatama

PT Waskita Karya (Persero) Tbk.

Raiffeisen Bank International A.G.

TAEL Partners

Work highlights

  • Assisting PT Garuda Indonesia (Persero) Tbk with the implementation of a court-sanctioned composition plan.
  • Advised PT Angkasa Pura I, a state-owned enterprise which provides air traffic services and business airports in Indonesia, on its restructuring process.
  • Advising PT Waskita Karya (Persero) Tbk, as its Indonesian legal counsel, on the proposed restructuring of its financial debts and obligations.

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

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie combines the global reach of the Baker McKenzie network with the firm’s strengths across disputes and finance to provide a strong restructuring and insolvency offering. The team has a stellar track record in advising Indonesian and international creditors on restructuring work across the financial services, telecoms, manufacturing, real estate and energy sectors.  Andi Kadir leads on most of the group's major, cross-border restructures, working alongside co-head Indri Guritno who is primarily active in relation to finance mandates, and brings her structured finance expertise to these complex matters.

Practice head(s):

Andi Kadir; Indri Guritno

Key clients

Qatar National Bank



JP Morgan

PT Mandiri Sekuritas

PT Perkebunan Nusantara III


Work highlights

  • Represented Qatar National Bank in two petitions of court-sanctioned debt restructuring proceedings.
  • Advising Pertamina on the court-supervised restructuring of PT Garuda Indonesia.

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills is experienced in handling the full range of informal financial restructurings, court-supervised debt restructurings, and bankruptcy cases for domestic and international clients. The firm is active across a range of sectors, and is able to draw upon its wider finance and disputes strengths to provide comprehensive assistance to clients. Debby Sulaiman leads the practice, with extensive experience in advising banks and other financial institutions in this work, combined with significant disputes capabilities. Tjahjadi Bunjamin heads up the finance practice, but is also active in this area, much like Adrianus Adritomo, who similarly straddles the finance and debt restructuring spheres.

Practice head(s):

Debby Sulaiman; Tjahjadi Bunjamin

Other key lawyers:

Adrianus Adritomo

Key clients

Nordic Aviation Capital

Stellar Aircraft Holding 2 Limited

Greylag Goose Leasing

Credit Suisse AG, Singapore Branch

Commonwealth Bank of Australia

Work highlights

  • Advised Nordic Aviation Capital, as the biggest lessor, on the court-supervised debt restructuring process of Garuda Indonesia.
  • Represented Credit Suisse AG, Singapore Branch in the bankruptcy process of PT Bina Bangun Mandiri, an Indonesian property company.
  • Assisted Commonwealth Bank of Australia with the restructuring of its lease arrangements with Indonesian airlines Batik Air and Lion Air in the context of their debt restructurings.

SSEK Law Firm

SSEK Law Firm is active in relation to non-performing loans and complex debt restructurings, drawing on its ‘extensive practical experience in bankruptcy and cross-border investment‘ in acting on the most high-profile insolvency mandates. The team works closely with the M&A practice to advise on restructurings connected with acquisitions by multinational companies. Denny Rahmansyah and Dewi Savitri Reni head up the firm’s offering and are active on the most complex restructuring mandates and related arbitrations. Michael Carl leads on complex restructurings related to the shipping and logistics sectors. Ira Eddymurthy and Jonathan Streifer are also noted.

Practice head(s):

Denny Rahmansyah; Dewi Savitri Reni

Other key lawyers:

Michael Carl; Ira Eddymurthy; Jonathan Streifer


Members of the team possess exceptional language proficiency and remarkable cross-cultural communication capabilities. They have extensive practical experience in bankruptcy and cross-border investment.’

Even in complex cross-border projects, they are capable of using clear and intuitive analytical methods, along with easily understandable language, to help us understand and grasp legal risks relating to the business. Moreover, their thorough consideration of our commercial needs and objectives in their advice assists us in smoothly executing our projects.

They always deliver high-quality and efficient services within the timeframes. Their strong coordination skills enable them to mobilise internal resources within the law firm promptly and provide client with comprehensive “one-stop” services.

Their team possesses solid legal expertise, outstanding language skills in English, excellent drafting abilities for legal documents, remarkable organisational and coordination skills, and a diligent commitment to client service.

I think the team are genuine and you can feel their connection with the client. It’s not only about delivering a report or responding to questions, but they also add further consideration to the overall context of the project itself.’

Key clients


Société Internationale de Télécommunications Aéronautiques

General Electric

Yili Group


General Motors




Work highlights

  • Advised Rolls-Royce, a major creditor, on the $9.8bn debt restructuring of Garuda Indonesia.
  • Acting as liquidator for a global investment company which is exiting the Indonesian market and dissolving and liquidating its investment management company.
  • Representing a Chinese construction engineering company in a payment dispute over non-payment for a factory project and assisting with the possible submission of an insolvency petition.

Walalangi & Partners in association with Nishimura & Asahi

Walalangi & Partners in association with Nishimura & Asahi is instructed by a significant number of international naes, with Japanese clients being a particular strength of the firm given its association. The team has a proven track record in insolvency and restructuring matters in the automotive and real estate sectors. Luky Walalangi heads up the practice, working alongside Miriam Andreta and Hans Adiputra Kurniawan, both of whom have wide-ranging expertise across sectors. Jeanne Elisabeth Donauw focuses on the TMT and FMCG industries.

Practice head(s):

Luky Walalangi

Other key lawyers:

Miriam Andreta; Hans Adiputra Kurniawan; Jeanne Elisabeth Donauw

Key clients

Digital Payments Holdings, Pte., Ltd.

Essex Bio – Technology Limited

Family Mart Co., Ltd.

Geo Technologies, Inc.

Global AI Innovations Laboratory Co., Ltd. (Gailabo)

Google Inc.

Google Indonesia

GS Yuasa Corporation

Hankyu Hanshin Properties Corp.

Haseko Corporation

Hitachi Transport System, Ltd.

Hokkan Holdings Corporation

Idemitsu Corporation

Idemitsu Kosan Co., Ltd.

Idemitsu Lube Indonesia, PT

Idemitsu Lube Techno Indonesia, PT

Indonesian Defence and Security Tecnologies, PT

Indonesia Steel Tube Works, PT


Itochu Corporation

Itochu Singapore, Pte., Ltd.

Work highlights

  • Advising Daiwa House Group on the restructuring and divestment of Indonesia-based real estate project joint venture company PT Sayana Integra Properti.
  • Advising a German luxury car producer on the restructuring and transfer of operations of its two production and distribution subsidiaries in Indonesia to a UK-based independent global automotive distributor.
  • Advising Mitsubishi Estate on the suspension of payment in the proceedings concerning PT Garuda Indonesia.

Makarim & Taira S.

Makarim & Taira S. leverages its disputes capabilities to represent foreign and local lenders, as well as large Indonesian corporate entities, in contentious insolvency mandates. Rahayu Hoed and Lia Alizia jointly head up the practice. Foreign legal consultant Hilton King brings his experience in investment and corporate matters to non-contentious restructuring mandates.

Practice head(s):

Rahayu Hoed; Lia Alizia

Other key lawyers:

Hilton King

Key clients

Home Box Office (Singapore) Pte Ltd

Affiliates Asia L.L.C.

Turner Broadcasting System Asia Pacific Inc.

PT Prasmanindo Boga Utama



Drew & Napier

Puma Asia Pacific Ltd.

Work highlights

  • Represented Sumitomo Corporation, as the major unsecured creditor, in the delay of payment proceedings of PT Satyamitra Surya Perkasa.
  • Assisting International Flavors and Fragrances with the various restructuring issues related to its global transaction with DuPont’s Nutrition & Biosciences Business.

TnP Law Firm

TnP Law Firm has a client base comprising both borrowers and lenders, including those who invest during the course of the restructuring process, and has experience working with both state-owned and private enterprises. Rambun Tjajo has a broad practice across finance and capital markets, and is active in assisting clients in the banking sector with their matters related to insolvency and restructuring. Melissa Butarbutar shares leadership of the team with Tjajo, and likewise has expertise across finance and capital markets. Ken Prasadtyo is another key contact.

Practice head(s):

Melissa Butarbutar; Rambun Tjajo

Other key lawyers:

Ken Prasadtyo

Key clients

PT Central Proteina Prima Tbk

PT Energi Mega Persada Tbk

PT Grab Teknologi Indonesia

PT Waskita Karya Realty

PT Waskita Fim Perkasa

PT Perusahaan Pengelola Aset

PT Buana Lintas Lautan Tbk

PT Semen Indonesia (Persero) Tbk

PT Bank Mayora

PT Bank Negara Indonesia (Persero) Tbk

Work highlights

  • Advising an Indonesian state-owned asset management company on a financial restructuring involving a listed company engaged in the consumer goods and agriculture commodities sector.
  • Advising PT Perusahaan Pengelola Aset on a completion of facility financing to restore and grow its existing fleet amidst the company’s restructuring program for Garuda Indonesia.
  • Advising an Indonesian state-owned asset management company on the provision of a loan facility to an Indonesian airline for financing the restoration of its fleet.

FKNK Law Firm

FKNK Law Firm leverages its litigation expertise to assist with the administration of debt restructuring, with founding partner Martin Patrick Nagel having extensive expertise across commercial disputes and related areas. Ichsan Perwira Kurniagung advises a range of state-owned and private enterprises on their restructuring mandates, while Aldi Firmansyah has experience acting as administrator in a number of high-profile postponement obligation of debt payment cases.

Practice head(s):

Martin Patrick Nagel; Aldi Firmansyah; Ichsan Perwira Kurniagung

Ginting & Reksodiputro in association with A&O Shearman

Ginting & Reksodiputro in association with A&O Shearman covers a range of mandates, including insolvencies, debt restructurings, and distressed asset management. Through the firm’s association with A&O Shearman, the team has a strong connection with Singapore and capabilities extending to Singaporean schemes of arrangement. Daniel Ginting leads, capably supported by Tarsis Halintar.

Practice head(s):

Daniel Ginting

Other key lawyers:

Tarsis Halintar


‘The practice is unique because the transaction was one-of-a-kind in the industry at the time.’

‘The team was exceptional, their commitment to collaboration is a distinguishing factor. The ability to work harmoniously and leveraging each counterpart’s strengths makes them able to manage all challenges.’

Key clients

PT Perusahaan Pengelola Aset (Persero)

Work highlights

  • Advising a global financial institution, as bilateral lender and scheme creditor, on the restructuring of PT Pan Brothers Tbk.

Hanafiah Ponggawa & Partners – Dentons HPRP

Hanafiah Ponggawa & Partners – Dentons HPRP is particularly active in the aviation and logistics sectors, and has strong capabilities through the Dentons network in handling cross-border restructuring mandates. Sartono brings his disputes expertise to the practice, as does Gading Sanyjaya.

Practice head(s):

Sartono; Gading Sanyjaya

KYORA Law Firm

KYORA Law Firm advises a range of Indonesian and international financial institutions as both bilateral and syndicated lenders on their restructuring initiatives. Triangga Kamal who heads up the practice alongside Christo Yosafat, specialises in complex, cross-border contentious and advisory restructuring work.

Practice head(s):

Triangga Kamal; Christo Yosafat


‘They are able to provide solution on every issue.’

‘Triangga Kamal is a well-known lawyer who is open, outgoing, and always provides solutions.’

Key clients

PT Waskita Beton Precast, Tbk.

Members of the creditors ad hoc committee of PT Pan Brothers Tbk

PT Barata Indonesia (Persero)

PT Dok dan Perkapalan Indonesia (Persero)

Envirotainer AB.

Taipei Fubon Commercial Bank Co. Ltd.

PT Bank CTBC Indonesia

PT Jujur Sentosa

Bank of Taiwan, Offshore Banking Branch

Chailease International Financial Services Co., Ltd.

Chang Hwa Commercial Bank, Ltd.

First Abu Dhabi Bank, Ltd.

Hua Nan Commercial Bank, Offshore Banking Branch

Hua Nan Commercial Bank, Singapore Banking Branch

Krung Thai Bank Public Company Limited, Singapore Branch

Land Bank of Taiwan, Offshore Banking Branch

Taichung Commercial Bank Co. Ltd., Offshore Banking Branch

Taishin International Bank Co. Ltd., Singapore Banking Branch

First Commercial Bank, Ltd., Singapore Branch

PT Bank CTBC Indonesia

Work highlights

  • Advising members of the creditors’ ad hoc committee of PT Pan Brothers Tbk on the implementation of schemes of arrangement approved by the Singapore High Court.
  • Representing PT Waskita Beton Precast in the Suspension of Debt Payment Obligations cases.
  • Assisting SC Lowy Primary Investments with the filing of an annulment of PT Namasindo Plas’s composition plan and the Suspension of Debt Payment Obligations to PT Sidomulyo Selaras, TBk.

TNB & Partners in association with Norton Rose Fulbright

TNB & Partners in association with Norton Rose Fulbright has a particularly strong restructuring offering in matters connected with the aviation sector; joint practice heads Kresna Panggabean and Tasdikiah Siregar have significant experience in advising lessors in the restructuring of aircraft leases. The firm’s know-how also extends to a number of other industries, including oil and gas, energy, and mining.

Practice head(s):

Tasdikiah Siregar; Kresna Panggabean

Key clients

Aimia Proprietary Loyalty SG Pte Ltd

Thales Avionics Inc

Work highlights

  • Advised the syndicated lenders on the suspension of payment obligations of a telecoms company.
  • Advised Thales Avionics on the suspension of payment obligations of PT Garuda Indonesia (Persero) Tbk.
  • Advised BOC Aviation (France) SARL on the suspension of payment obligations of PT Garuda Indonesia (Persero) Tbk.