Restructuring and insolvency in Indonesia

ABNR Counsellors at Law

ABNR Counsellors at Law has a leading restructuring and insolvency practice and advises global conglomerates, creditors and bondholders on large-scale debt restructurings. The practice has a broad client base with particular expertise in advising clients in the oil and gas, shipping and aviation sectors. Practice head Emir Nurmansyah is highly respected in the restructuring and insolvency space and has a strong background in the shipping, aviation and TMT sectors. Theodoor Bakker advises on the international aspects of restructuring and insolvency matters. Kevin Sidharta is another key individual to note.

Practice head(s):

Emir Nurmansyah

Other key lawyers:

Theodoor Bakker; Kevin Sidharta


‘They are well known and have a good reputation in Indonesia.’

‘Emir Nurmansyah is very approachable and professional. He is someone who will address all your questions no matter how trivial they are.’

‘Kevin Sidharta is a nuts-and-bolts person and he works with us on the specifics of our cases.’

‘ABNR has a deep understanding of the practicalities of Indonesian bankruptcy law and their experience and expertise in the relevant field was extremely helpful in avoiding pitfalls and loss in legal proceedings, especially given the legal rules are still under development.’

‘We were deeply impressed by Kevin Sidharta and his team due to their hard work, team spirit and superb responsiveness to various rounds of enquiries and requests under tight schedules, even in the Covid era.’

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners advises corporate debtors and creditors on complex restructuring and insolvency matters, particularly in the government, financial services, energy, manufacturing and aviation sectors. Ibrahim Sjarief Assegaf and Eri Hertiawan, who focuses on insolvency litigation, lead the practice with Chandra Hamzah.

Practice head(s):

Ibrahim Sjarief Asseg; Eri Hertiawan; Chandra Hamzah


‘AHP’s industry knowledge, international network and state finance knowledge are outstanding.’

‘Ibrahim Sjarief Assegaf’s knowledge stands out, and his negotiation skills are exceptional.’

Key clients

PT Bahana Pembinaan Usaha Indonesia (Indonesia Financial Group or “IFG”)

PT Sarana Multi Infrastruktur

PT Sumberdaya Sewatama

PT Royal Industries Indonesia

TAEL Partners

PT Bank Danamon Indonesia Tbk.

PT Bank Permata Indonesia

Raiffeisen Bank International A.G.

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


Pathfinder Strategic Credit II LP

ACP I Trading LLC

PT Matsuzawa Pelita Furniture Indonesia

PT Bank Maybank Indonesia Tbk.

PT Bank HSBC Indonesia

PT Bank Mandiri (Persero) Tbk.

PT AEON Mall Indonesia

Malaysia Smelting Corporation Berhad

PT Petrokimia Gresik

PT Sri Rejeki Isman Tbk.

PT Garuda Indonesia (Persero) Tbk.

Work highlights

  • Advised PT Sarana Multi Infrastruktur (Persero) in relation to the government’s investment under the National Economic Recovery Program (Program Pemulihan Ekonomi Nasional) in PT Garuda Indonesia (Persero) Tbk, amounting to up to IDR 8.5tn.
  • Represented AEON as the biggest creditor in the suspension of the debt payment obligation of PT Sentul City Tbk.
  • Represented PT Jakarta Industrial Estate Pulo Gadung as the respondent in a suspension of debt payments (PKPU) case in relation to a PKPU petition filed by PT Menara Setia in the Jakarta Commercial Court.

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

The restructuring and insolvency practice at Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie is full integrated with the firm’s dispute resolution offering, allowing clients to benefit from a multidisciplinary approach. The 'top-notch' practice has a wide range of sector expertise that includes financial services, telecoms, manufacturing, real estate, private equity, energy and insurance. Andi Kadir heads the practice with banking and finance specialist Indri Pramitaswari Guritno following the retirement of Timur Sukirno in 2021.

Practice head(s):

Andi Kadir; Indri Pramitaswari Guritno


‘Their assistance during the restructuring was tremendous. In particular, their ability to propose outside-the-box ideas and fully cover our company’s position was top notch.’

‘They were flexible and available.’

Hiswara Bunjamin & Tandjung in association with Herbert Smith Fr

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills has an experienced restructuring and insolvency practice that advises domestic and international clients on a wide variety of debt restructuring work. Recent mandates have involved assisting banks with court-supervised debt restructurings and advising an aircraft lessor on matters involving an aircraft repossession. Practice head Debby Sulaiman has significant experience advising banks and financial institutions on restructuring and insolvency proceedings.

Practice head(s):

Debby Sulaiman

Other key lawyers:

Tjahjadi Bunjamin; Adrianus Adritomo (Tommy); Roni Heilig Marpaung


‘A very professional, intelligent and dependable team. We are very happy with the work product.’

‘Debby Sulaiman and Roni Marpaung are excellent.’

Key clients

Credit Suisse AG, Singapore Branch

AKA Ausfuhrkredit-Gessellschaft MbH

Commerzbank AG

Genting Property Sdn Bhd

BlackBerry Limited

PT Batubara Global Energy, a subsidiary of LG International Corp.

Standard Chartered Trade Support (HK)

Work highlights

  • Acted for AKA Ausfuhrkredit-Gessellschaft MbH in its successful payment claim during the debt moratorium (PKPU) process of PT Gunung Raja Paksi Tbk, an Indonesian steel manufacturer.
  • Acted for Commerzbank AG in in its successful payment claim during the PKPU process of steel manufacturer PT Gunung Raja Paksi Tbk.
  • Acted for PT Batubara Global Energy, an Indonesian subsidiary of LG International Corp, in the complex PKPU process of PT Atlas Resources Tbk, a listed Indonesian mining company with a total debt of $384m.

SSEK Legal Consultants

SSEK Legal Consultants‘ restructuring and insolvency team works closely with the firm’s M&A practice and advises on the restructuring elements that arise from acquisitions. Advising on non-performing loans is a key area of focus and the firm frequently receives mandates from financial institutions in this area. Dewi Savitri Reni has an active debt restructuring and arbitration practice and has expertise in the automotive and oil and gas sectors. Michael Carl and Denny Rahmansyah are other key individuals to note.

Practice head(s):

Dewi Savitri Reni; Denny Rahmansyah; Michael Carl

Key clients


General Motors

Pepsi Co.


General Electric

Credo Group


Ford Motor Company


Luxindo Nusantara

Work highlights

  • Represented McDermott, the international engineering, procurement, construction and installation company, in its restructuring of several companies in Indonesia.
  • Assisting a battery manufacturer in restructuring its debts with 11 banks and other vendors.
  • Assisted General Motors with the planned exit of its manufacturing business from Indonesia and the restructuring of its business in Indonesia to an authorised operator.

Budidjaja International Lawyers

Budidjaja International Lawyers advises on a broad range of matters, including loan and debt restructuring, bankruptcy and insolvency litigation, debt moratoriums, enforcement of securities, and the sale and purchase of distressed assets. The team has expertise in representing lenders, debtors, and potential purchasers. Narada Kumara heads the practice and has significant litigation experience, particularly in cases involving suspension of payment. Tony Budidjaja is another individual to note.

Practice head(s):

Tony Budidjaja; Narada Kumara


‘A solid team with good collaboration at all levels. They are very professional and showcase good knowledge and experience.’

Makarim & Taira S.

The restructuring and insolvency practice at Makarim & Taira S. advises multinational financial institutions on distressed assets, debt restructurings, and complex recapitalisation schemes. Lia Alizia has substantial restructuring expertise and is highly regarded for her litigation experience. In 2020, the firm established a regional legal network, Drew Network Asia (DNA), with Drew & Napier LLC in Singapore and Malaysia-based Shearn Delamore & Co.

Practice head(s):

Lia Alizia

Key clients

Turner Broadcasting System Asia Pacific, Inc.

PT Prasmanindo Boga Utama

Home Box Office (Singapore) Pte Ltd

Affiliates Asia, L.L.C.

Work highlights

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

Tjajo & Partners

Tjajo & Partners has a strong understanding of restructuring and insolvency matters, representing borrowers, lenders and investors throughout the debt restructuring process. Founding partner Rambun Tjajo has substantial experience of advising on high-value debt restructurings. Banking and finance specialist Yogie Sugiharto is also noted.

Practice head(s):

Rambun Tjajo; Yogie Sugiharto

Key clients

PT Apexindo Pratama Duta Tbk

Work highlights

  • Assisted PT Apexindo Pratama Duta on the issuance of a dual tranche of mandatory convertible bonds as part of a restructuring transaction, with the value amounting to $115m (tranche 1) and $70.84m (tranche 2).

Walalangi & Partners in association with Nishimura & Asahi

Walalangi & Partners in association with Nishimura & Asahi has a broad range of restructuring and insolvency expertise and frequently advises on suspension of payment and bankruptcy proceedings, with clients noting its 'quick response times'. Luky I. Walalangi has a strong background in assisting clients with corporate restructurings.

Practice head(s):

Luky I. Walalangi


Easy to communicate with and quick response times.’

Key clients

Mitsui & Co., Ltd.

Nippon Steel Corporation

Mitsubishi UFJ Lease & Finance

Mitsubishi Corporation

Marubeni Corporation

Orico Corporation

KDDI Corporation

Tokyo Gas Asia Pte. Ltd and Tokyo Gas Co., Ltd.

Mizuho Bank, Ltd.

Tokyo Tatemono Co Ltd and Tokyo Tatemono Asia Pte Ltd.

DeClout Pte. Ltd.

PT Dhost Telekomunikasi Nusantara


Showa Leasing

Toyota Tsusho Corporation

PT Diamond Development Indonesia

SMBC Nikko Securities Inc.

PT TTLR (Indonesian subsidiary of Toyota Tsusho Corporation)

PT TREC (Indonesian subsidiary of Toyota Tsusho Corporation)

GS Yuasa Corporation

Kobelco Group

Saint-Gobain Indonesian subsidiaries

PT Resona Indonesia Finance

FamilyMart Co., Ltd.

Work highlights

  • Advised Mitsui & Co. Ltd. and Mitsui & Co Energy Trading Singapore Pte. Ltd on structuring their settlement arrangement with their defaulting counterparties in Indonesia.