Next Generation Partners

Firms To Watch: Restructuring and insolvency

Jointly led by Martin Patrick Nagel and Aldi Firmansyah, the restructuring and insolvency practice at FKNK Law Firm advises publicly listed and leading domestic companies on restructurings.
Led by Tasdikiah Siregar and Kresna Panggabean, the team at TNB & Partners handles the restructuring of debts, debt settlements and bankruptcy processes.

Restructuring and insolvency in Indonesia

ABNR Counsellors at Law

ABNR Counsellors at Law has demonstrable experience advising on high-end debt restructurings in the oil and gas, aviation, shipping and financial services sectors. The ongoing restructuring of PT Garuda Indonesia has dominated the practice's workload, acting simultaneously for the majority of the lenders and over 500 creditors, in addition to its advice on the $4.5bn debt restructuring of Bumi Resources. Emir Nurmansyah, who advises on restructuring and insolvency matters in the shipping and aviation sectors, spearheads the team, with the support of foreign counsel Theodoor Bakker and Kevin Sidharta.

Practice head(s):

Emir Nurmansyah

Other key lawyers:

Theodoor Bakker; Kevin Sidharta

Key clients

Airbus SAS

CFM International Inc

ICBC Aviation Leasing Company

Avolon Aerospace Leasing Limited

DAE (Ireland) Limited

SMBC Aviation Capital Limited

Aviation Capital Group LLC

Engine Leasing Finance Corporation

Export Development of Canada (EDC)

Aircastle Singapore Pte Ltd

Standard Chartered Bank (Aviation Finance)

Altavair Ltd

ITOCHU Corporation


Fuyo General Lease. Co. Ltd

China Aircraft Leasing (CALC)

Airborne Capital (UK) Limited

Macquarie AirFinance

China Merchants Bank Leasing Co., Ltd

Air Lease Corporation

Total Engine Asset Management

Airbus Atlantic

Anuvu Corp

Incheon International Airport Corporation

Rockwell Collins Inc.

B/e Aerospace (UK) Limited

Arinc Inc

Dubai Aerospace Enterprise (DAE)

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners advises on a broad range of matters concerning debt restructurings and bankruptcy proceedings, as well as representing creditors and domestic companies in insolvency cases. The team frequently leverages the expertise of other departments in the firm and is well-placed, as part of the Rajah & Tann Singapore LLP network, to handle cross-border mandates. Ibrahim Sjarief Assegaf acts for domestic and international financial institutions on debt restructurings, while seasoned litigator Eri Hertiawan focuses on bankruptcy cases and insolvency litigation. Assegaf and Hertiawan lead the team alongside Chandra Hamzah.

Practice head(s):

Ibrahim Sjarief Assegaf; Chandra Hamzah; Eri Hertiawan

Other key lawyers:

Tracy Tania

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

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie handles high-profile restructuring deals, as demonstrated by its advice to Pertamina in a court-supervised restructuring of PT Garuda Indonesia. With demonstrable experience across various industry sectors, from financial services, telecoms and manufacturing to private equity, energy and insurance, the practice regularly acts for creditors in insolvency proceedings. As part of the Baker McKenzie network, the team is also well-placed to handle cross-border mandates. Andi Kadir, who has experience in court-sanctioned debt restructuring proceedings and insolvency litigation, jointly leads the team alongside Indri Pramitaswari Guritno.

Practice head(s):

Andi Kadir; Indri Pramitaswari Guritno

Key clients



Work highlights

  • Represented Pertamina in PKPU of PT Garuda Indonesia with a total exposure of approximately USD 500 million.
  • Represented Blackrock in the restructuring of double decker structure notes initially due in 2021 issued by JGC Ventures Pte. Ltd. and notes due in 2024 issued by Modernland Overseas Pte. Ltd., where the proceeds of the Notes were ultimately used by PT Modernland Realty Tbk.

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills

Counting Nordic Aviation Capital, Avenue Capital Group and Credit Suisse among its key roster of clients, Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills handles informal financial restructurings and work outs, court-supervised debt restructurings, as well as bankruptcy proceedings and insolvency litigation. The team works across various industry sectors, including construction, energy, oil and gas, mining, aviation, shipping, infrastructure, real estate, financial services and TMT. Debby Sulaiman, who acts for banks and other financial institutions on bankruptcy and debt restructuring matters, jointly leads the practice alongside financing expert Tjahjadi Bunjamin. Senior associate Roni Heilig Marpaung, who advises on corporate restructurings, turnaround and insolvency mandates, is another key contact in the group.

Practice head(s):

Debby Sulaiman; Tjahjadi Bunjamin

Other key lawyers:

Roni Heilig Marpaung

Key clients

AKA Ausfuhrkredit-Gessellschaft MbH

Commerzbank Aktiengesellschaft

Credit Suisse AG, Singapore Branch

Genting Property Sdn Bhd

Nordic Aviation Capital

Stellar Aircraft Holding 2 Limited

Work highlights

  • Advised more than 10 subsidiaries of Nordic Aviation Capital in Garuda’s court-supervised debt restructuring (PKPU), and the proposed repossession and redelivery of 32 aircraft on lease to Garuda Indonesia for a combined value of US$635 million.
  • Advised two Greylag Goose Leasing SPVs in the debt restructuring of Garuda Indonesia, Indonesia’s national airline, and the proposed repossession and redelivery of two aircraft on lease to Garuda Indonesia for a combined value of US$172 million.
  • Advised Stellar Aircraft Holding 2 Limited in the debt restructuring of Garuda Indonesia and the proposed repossession and redelivery of two aircraft on lease to Garuda Indonesia for US$29 million.

SSEK Law Firm

Noted for its track record in debt restructurings, SSEK Law Firm frequently collaborates with the firm’s M&A practice to advise on the restructuring of Indonesian entities, in relation to acquisitions made by multinational companies. Michael S. Carl jointly leads the team alongside Dewi Savitri Reni, both of whom have demonstrable experience in debt structurings, while Denny Rahmansyah is another key member of the group. Key sectors of expertise include the oil and gas, automotive, shipping, and food and beverage industries.

Practice head(s):

Michael S. Carl; Dewi Savitri Reni

Other key lawyers:

Denny Rahmansyah

Key clients


General Motors

Pepsi Co.


General Electric

Trafigura Asia Trading Pte. Ltd.



Luxindo Nusantara

Work highlights

  • Acted as liquidator of PT Aberdeen Standard Investments Indonesia, the Indonesian subsidiary of the UK-headquartered mutual fund investment management company.
  • Assisted McDermott in its restructuring of several companies in Indonesia, with our work including labour and employment matters related to the restructuring.

Makarim & Taira S.

Led by senior partner Rahayu Ningsih Hoed, the team at Makarim & Taira S. acts for multinational financial institutions on insurance liability issues, in addition to advising foreign banks on bankruptcy proceedings and restructuring matters concerning Indonesian companies. On account of its alliances with Drew & Napier LLC in Singapore, and Shearn Delamore & Co in Malaysia, the practice is well-placed to manage cross-border instructions. Managing partner Lia Alizia represents clients in bankruptcy cases, while foreign consultant Hilton King advises on restructurings matters in the mining sector.

Practice head(s):

Rahayu Ningsih Hoed

Other key lawyers:

Lia Alizia; Hilton King

Key clients

Home Box Office (Singapore) Pte Ltd, Affiliates Asia L.L.C., and Turner Broadcasting System Asia Pacific Inc.

PT Prasmanindo Boga Utama

PT Gold Coin Specialties

DLA Piper

Drew & Napier

Puma Asia Pacific Ltd.

Work highlights

  • Represented Home Box Office (Singapore) Pte Ltd, Affiliates Asia L.L.C., and Turner Broadcasting System Asia Pacific Inc. as the unsecured creditors in the delay of payment proceedings, as well as the bankruptcy proceedings of PT Indonesia Media Televisi.
  • Represented PT Prasmanindo Boga Utama as an unsecured creditor in the delay of payment and bankruptcy proceedings of PT Dwinad Nusa Sejahtera.

Tjajo & Partners

Tjajo & Partners advises on all aspects of restructuring and insolvency, with demonstrable expertise across the energy, construction, TMT, investment management, oil and gas, and mining sectors. Founding partner Rambun Tjajo, who acts for borrowers and lenders, as well as investors, throughout the debt restructuring process, jointly leads the practice alongside managing partner Melissa Butarbutar. Senior associate Kevin Yehezkiel is another key figure in the team.

Practice head(s):

Rambun Tjajo; Melissa Butarbutar

Other key lawyers:

Kevin Yehezkiel; Brahmantyo Jatiwidianto

Key clients

PT Energi Mega Persada Tbk

PT Semen Indonesia (Persero) Tbk

PT Atlas Resources Tbk

PT Central Proteina Prima and Blue Ocean Resources Pte Ltd

PT Apexindo Pratama Duta Tbk

PT Cemindo Gemilang Tbk

PT Bank Rakyat Indonesia, Tbk

PT Perusahaan Pengelola Aset

PT Bank Muamalat Indonesia Tbk

Work highlights

  • Advised and assisted PT Apexindo Pratama Duta Tbk, an Indonesian drilling contractor for oil and gas, geothermal, and coal bed methane industries listed in Indonesian Stock Exchange (IDX), in its post-PKPU implementation’s debt restructuring.
  • Advised and assisted PT Perusahaan Pengelola Aset (Persero) (“PPA”), Indonesian state-owned asset management company, in financial restructuring of one of Indonesia’s Islamic banks that involved issuance of financial instrument Sukuk (a sharia-compliant bond-like instruments used in Islamic finance) Mudarabah.
  • Assisted and advised PT Central Proteina Prima Tbk and subsidiaries to restructure the group’s existing debts through the issuance of debt and equity instruments.

Walalangi & Partners in association with Nishimura & Asahi

Walalangi & Partners in association with Nishimura & Asahi has expertise across a range of restructuring and insolvency matters, supported by its association with Japan’s largest full-service international firm. The team acts for foreign clients in structuring their capital reduction, recapitalisation, divestment and takeover, as well as representing  lenders in the suspension of payment process and bankruptcy proceedings. Practice leader Luky Walalangi is extolled for his experience and is closely supported by Miriam Andreta and associate Rainer Faustine Jonathan, who ‘understands both the theoretical and practical aspects of Indonesian insolvency procedures’.

Practice head(s):

Luky Walalangi

Other key lawyers:

Miriam Andreta; Rainer Faustine Jonathan


‘Walalangi & Associates negotiated well with administrators in PUPU processes.’

‘Mr. Rainer understands both the theoretical and practical aspects of Indonesian insolvency procedures.’

Key clients

Cool Japan Fund


Denso Corporation

Dhost Telekomunikasi Nusantara PT

Diamond Development Indonesia, PT

Essex Bio – Technology Limited

Family Mart Co Ltd

GS Yuasa Corporation

Haseko Corporation

Hitachi Transport System, Ltd

Hokkan Holdings Corporation

Idemitsu Kosan, Co, Ltd.


Itochu Corporation

Junhe Law Office

Kobelco Group

List Holdings Singapore Ptd., Ltd

Lotte Co., Ltd

Macallan Capital

Marubeni Corporation

Mitbana Corporation

Mitbana jurong Pte., Ltd

Mitsubishi Corporation

Mitsubishi UFJ Lease & Finance

Mitsui & Co., Ltd

Mitsui Energy Trading Singapore

Mistui Indonesia, PT

Mizuho Bank, Ltd


Nippon Steel Corporation

Orient Corp.

Osaka Steel Corporation

Otsuka Holdings Co., Ltd


Resona Bank, Japan

Resona Indonesia Finance, PT


Saint-Gobain Indonesia subsidiaries

Secom Co., Ltd

Showa Denko

Showa Leasing Co., Ltd

SMBC Nikko Securities Inc

Squire Patton Boggs Singapore LLP


Tokyo Gas Corporation

Tokyo Tatemono

Toyota Tsusho Corporation



Yamaha Motor Co, Ltd.

Yamaha Music Indonesia, PT

Work highlights

  • Acting as counsel to a Showa Leasing Co. Ltd in structuring their settlement arrangement with PT Pamindo Tiga T in relation to the procurement of machineries for automotive spare parts following the default by the Indonesian counter-party.
  • Acting as counsel to a lender of Garuda Indonesian Airways in relation to is total debts of approximately $13,7bn suspension of payment – Penundaan Kewajiban Pembayaran Utang (PKPU).
  • Acting as counsel to Secom in the share restructuring of its Indonesian subsidiary, PT Secom Indonesia.