Rising Stars

Firms To Watch: Restructuring and insolvency: foreign firms

Led by ‘commercial and a skilled tactician’ Andrew Brereton, the team at King & Spalding LLP acts for sophisticated investors in Asia, including global and regional banks, private equity firms and their portfolio companies, credit funds and project sponsors on cross-border restructurings.
Pierre Dzakpasu is a key contact in Mayer Brown’s Singapore team and is well-placed to collaborate with the firm’s Hong Kong office to advise on large-scale restructurings, distressed debt and special situations matters.

Restructuring and insolvency: foreign firms in Singapore

Clifford Chance

With demonstrable experience across the aviation, oil and gas, telecoms, construction and transport, maritime and shipping sectors, the team at Clifford Chance is well-placed to handle high-profile transactional and contentious mandates in the restructuring and insolvency arena, and is further supported by the firm’s robust banking and finance practice. Key clients include creditors, lenders, coordinating committees, private equity sponsors, insolvency practitioners and debtors. Shaun Langhorne, who boasts a strong track record in cross-border restructuring matters in the Asia Pacific region, jointly leads the team alongside insolvency expert Nish Shetty. Elan Krishna, a partner at Cavenagh Law LLP, the firm’s Formal Law Alliance partner, is another key contact in the group.

Practice head(s):

Nish Shetty; Shaun Langhorne

Other key lawyers:

Elan Krishna

Key clients

Aviation Capital, AerCap, Avolon, SMBC, SMFL, DAE Capital, ICBC, NAC and GECAS

DAE Capital, AerCap, Avolon and Castlelake

Asian Energy Hydro Power Pte. Ltd

Wilmington Trust SP Services (Dublin) Limited

Xebec Adsorption Inc and Xebec Adsorption Asia Pte. Ltd.

Work highlights

  • Acting on the liquidation of a marine fuel bunker company.

Gibson Dunn

Counting domestic and multinational companies, financial institutions, financial advisers, insolvency practitioners and special situations funds among its key roster of clients, The team at Gibson Dunn handles the full spectrum of mandates, from financial restructuring, distressed M&A and distressed debt trading to consensual turnarounds, insolvency proceedings and special situation transactions. The group is also noted for its stellar capability in acting on debtor-side engagements. Jamie Thomas, who is commended for his ‘ability to deliver commercial value to all stakeholders in the restructuring of distressed debt’ is the main contact, following the departure of former practice head Troy Doyle.

Other key lawyers:

Jamie Thomas


‘Here, you have legal masterminds. It is not about knowing the law, which they excel at, but truly understanding their client’s needs and the playing field, with a unique ability to reshape it in their client’s interest.’

‘We value the calmness of Jamie Thomas in explaining steps and potential strategy.’

‘A strong, stable and experienced team with considerable experience in debt advisory and cross-border restructuring matters. A strong focus on commercial resolutions, leading to quick and efficient decision making.’

Key clients

Sritex Group

Duniatex Group

Design Studio Group Ltd

Japanese Bank for International Cooperation

MAXpower Group Pte Ltd

AJ Capital Advisory

TLC Modular Pte. Ltd.

Point72 Asset Management



Milbank’s team is noted for its expertise across a broad range of debt and corporate restructurings, boasting an international outlook and frequently utilising its network of offices throughout the Asia Pacific region. The group advises on cross-border transactions, in addition to restructuring joint ventures and bankruptcies before the US and other foreign bankruptcy courts. Managing partner David Zemans, who had a strong track record in high-profile restructurings and financing matters, leads the practice, with other key contacts in the group including Jacqueline Chan and associate Martin Wong, who advises on restructuring issues relating to energy projects in Southeast Asia.

Practice head(s):

David Zemans

Other key lawyers:

Jacqueline Chan; Martin Wong


‘Jacqueline Chan is very commercial.’

‘They are easy to work with, can manage clients independently and have the necessary experience and knowledge to deliver the best results.’

‘Jacqueline Chan is extremely pleasant to work with, a real team player and communicates with clients effectively. I would strongly recommend Jacqueline at any time.’

Key clients

PT Modernland Realty Tbk

GCL New Energy Holdings Limited


Goldman Sachs

Tor Investment

Maybank Islamic Berhad

CIMB Islamic Bank Berhad

DBS Bank Ltd.

PT Bank Mandiri (Persero) Tbk.

Sumitomo Mitsui Banking Corporation

PT Indomarco Prismatama (“Indomaret”)

A&O Shearman

Led by Gautam Narasimhan, the team at A&O Shearman is well-placed to leverage its ‘market knowledge and extensive geographical coverage’ to advise on cross-border restructurings and insolvencies, frequently collaborating with offices in Hong Kong, Shanghai and Sydney. Narasimhan advises banks and credit providers on a range of rescue financings in Singapore and across the Southeast Asia region, while Rishi Hindocha handles a range of mandates, from informal restructurings, statutory rehabilitation and reorganisations, operational restructuring and turnarounds to recovery and enforcement cases. The team is praised for its ‘timely advice and pragmatic suggestions’.

Practice head(s):

Gautam Narasimhan

Other key lawyers:

Rishi Hindocha


‘Good market knowledge and extensive geographical coverage.’

‘We appreciate the timely advice and pragmatic suggestions.’

‘Advising on complex restructuring mandates, and providing commercial and pragmatic advice on enforcement matters.’

Key clients


Work highlights

  • Advised a client on its exposure to Floatel International.

Ashurst LLP

Praised as ‘thorough, prompt, and transparent’, the team at Ashurst handles a broad range of cross-border mandates, including financial restructurings, formal insolvencies, distressed investing and trading, schemes of arrangement, security enforcement and insolvency litigation. With demonstrable experience across the financial services, oil and gas, renewables, real estate and e-commerce sectors, the practice is led by Robert Child, who continues to build ‘a strong reputation in the Singapore market’. Senior associate Karan Puri is another key contact in the group.

Practice head(s):

Robert Child

Other key lawyers:

Karan Puri


‘Thorough, prompt, and transparent. Ashurst is dynamic.’

‘Robert Child stands out. He has quickly built himself a strong reputation in the Singapore market. He is highly regarded amongst the region’s insolvency practitioners and financial institutions, building himself an enviable client base.’

‘The firm made a strong push into the region with the hiring of Robert Child to lead the restructuring and special situations team in Singapore. Extremely responsive, great strategic thinking and commercial mindset.’

Key clients

MIE Corporation

Work highlights

  • Advising an ad-hoc group of holders of HK$1,950mln 6.95 percent cash settled equity-linked securities due 2026 issued by Logan Group Company Limited in the ongoing restructuring of US$6bln in offshore debt of the Logan group of companies.
  • Advised HKEX listed (and Cayman Islands incorporated) MIE Holdings Corporation on its successful debt restructuring.

Baker McKenzie Wong & Leow

Noted for its capability in insolvency-related litigation, Baker McKenzie Wong & Leow’s creditor-driven team stands out for its multi-jurisdictional prowess, and is well-placed to leverage the expertise of other teams across the firm, including finance, corporate and M&A, employment, tax and real estate. Practice leader Nandakumar Ponniya spearheads the firm’s dispute resolution offering and is naturally well-placed to handle contentious mandates arising out of the construction, technology, energy and financial services sectors. Emmanuel Hadjidakis chairs the firm’s banking and finance group, and acts for financial institutions, borrowers and private equity funds across Asia Pacific on restructurings. Emmanuel Chua is another key contact in the group for cross-border insolvency litigation and restructurings.

Practice head(s):

Nandakumar Ponniya

Other key lawyers:

Emmanuel Hadjidakis; Emmanuel Chua


‘Baker McKenzie provides excellent advice in restructuring, takes great care of the client’s legal interests and is responsive.’

‘Baker McKenzie’s team is very understanding and easy to contact whenever we need advice and input.’

‘Emmanuel Chua provided very sound advice which was practical and commercial, notwithstanding the tight timelines we were working with. He also understood the complex nuances involved, given that the matter straddled three jurisdictions.’

Key clients

The consortium of local institutional holders of the international sovereign bonds issued by the Government of the Democratic Socialist Republic of Sri Lanka

Universal Terminal (S) Pte. Ltd.

UT Singapore Services Pte. Ltd.

Standard Chartered Bank (HK) Limited

PT Bank Negara Indonesia (Persero) Tbk

Thai Airways International Public Company Limited

PT Pan Brothers Tbk

PT Bank Central Asia Tbk

Work highlights

  • Advising a consortium of local institutional holders of the international sovereign bonds issued by the Government of the Democratic Socialist Republic of Sri Lanka (“GOSL”) on restructuring matters.
  • Acting for UT and UTSS in a USD 1.3bln refinancing arising from the bankruptcy of the major shareholder in UT.
  • Representing Thai Airways International Public Company Limited in Singapore High Court proceedings.

Herbert Smith Freehills LLP

Jointly led by Jamie McLaren and Siva SubramaniamHerbert Smith Freehills LLP’s team boasts a robust aviation restructuring practice and frequently collaborates with the firm’s office in Jakarta to advise on mandates concerning Bankruptcy and Suspension of Debt Payment (PKPU) in Indonesia. Experienced finance practitioner Subramaniam has demonstrable experience in assisting lenders with distressed airline restructurings. Samuel Kolehmainen is another key contact in the group.

Practice head(s):

Jamie McLaren; Siva Subramaniam

Other key lawyers:

Samuel Kolehmainen

Key clients

AirAsia Group

Development Bank of Japan, Inc.

KfW IPEX-Bank GmbH

The Chugoku Bank, Ltd.

NTT TC Leasing Co., Ltd.

Nordic Aviation Capital

Philippine National Bank

Work highlights

  • Advising Philippine National Bank on the restructuring of an estimated $500mln debt in connection with the Chapter 11 filing by Philippine Airlines.
  • Advising Nordic Aviation Capital and its 10 subsidiaries on the debt restructuring of Garuda, Indonesia’s state-owned airline.
  • Advising Greylag Goose Leasing 1410 Designated Activity Company and Greylag Goose Leasing 1446 Designated Activity Company on the additional debt restructuring of Indonesia’s state-owned airline.

Hogan Lovells Lee & Lee

Praised as ‘technically strong with an acute sense for commercial outcomes’, Hogan Lovells Lee & Lee’ team’s acts for a range of international banks and financial institutions on cross-border mandates, from debt restructurings and distressed M&A to insolvency cases and enforcement litigation. ‘Master strategist’ Nick Williams and counsel Carol Hartopp Hall, who has a ‘keen eye for detail without losing sight of the commercial objectives’, jointly lead the team, with the former offering clients a great deal of experience in restructuring and insolvency matters. Associate Koh Wei Lun is commended as ‘incredibly bright and detail oriented, with deep technical knowledge’.

Practice head(s):

Nick Williams; Carol Hartopp Hall

Other key lawyers:

Koh Wei Lun


‘Nick Williams is very user friendly, responsive and easy to work with. His advice is concise, timely, and commercial.’

‘The team is without peer in the restructuring and insolvency space in Singapore. Their international presence is vital to the complex, cross-border work that they handle. Technically strong with an acute sense for commercial outcomes. Hogan Lovells is a joy to work with on cross-border restructurings.’

‘Excellent team leader Nick Williams is a master strategist and user friendly.’

‘Carol Hartopp Hall is a rising star in the restructuring and insolvency space, with a keen eye for detail without losing sight of the commercial objectives.’

‘Koh Wei Lun is an incredibly bright individual, detail-oriented with deep technical knowledge. He is one to watch in the future.’

Key clients

Kroll (formerly known as Borrelli Walsh)

Madison Pacific

Arqaam Capital Limited

JGC Corporation

Ares SSG

Oaktree Capital Management

Alvarez & Marsal

Deutsche Bank AG

Work highlights

  • Acting for the liquidators of Hyflux Ltd (In Liquidation) and Hydrochem (S) Pte Ltd (In Liquidation) (the Liquidators) on the high-profile SG$3.5bln liquidation of the Hyflux Group.
  • Advised a syndicate of lenders, comprising Indian banks, international banks, and funds on their exposure under a $470m facility granted to a Singapore subsidiary of a large listed Indian conglomerate.
  • Acted for JGC Corporation in the winding up of Leap Networks Pte Ltd.


Praised for its ‘strong technical skills to execute complex matters’, Linklaters advises on restructuring and refinancing transactions, cross-border special situations, distressed debt and related contentious mandates, with additional capability in assisting clients looking to address unprecedented disruptions to their business operations. Standout practitioner and practice leader Andrew Payne has considerable experience advising on matters in both Singapore and Hong Kong and is praised as ‘commercial, quick to spot issues and solution-oriented’. Payne is key to the group’s capability to work on multi-jurisdictional restructurings, and is well-supported by counsel Diantha Ho.

Practice head(s):

Andrew Payne

Other key lawyers:

Jelita Pandjaitan; Diantha Ho


‘They are connected with clients, commercial in their approach and have strong technical skills to execute complex matters.’

‘Andrew Payne is a strong performer. Very commercial, quick to spot issues and solution-oriented.’

Key clients

Bank of America, N.A.


Golden Wheel Tiandi

Haitong International

Yuzhou Group Holdings Company Limited

Redsun Properties Group Limited

China Aoyuan Group Limited

J.P.Morgan Securities PLC.

Guotai Junan Securities (Hong Kong) Limited

Work highlights

  • Advising Yuzhou Group Holdings Company Limited as international lead counsel on the comprehensive restructuring of its offshore liabilities, which include 15 series of public bonds, 4 series of private notes, 1 series of perpetual securities and various loan facilities.
  • Advising Redsun Properties Group Limited / Hong Yang Group Company Limited as international lead counsel on the restructuring of their offshore liabilities, which include various series of public bonds, private notes and loan facilities.
  • Advising The Hongkong and Shanghai Banking Corporation Limited as Facility Agent for 29 syndicated banks on a cross-border restructuring initiated by PT Sri Rejeki Isman Tbk (the “company”) and its related entities.

Mishcon de Reya LLP

Mishcon de Reya LLP boasts a strong presence in the Indonesian market, acting for corporate borrowers on debt restructurings, with additional capability in court-supervised restructurings, including PKPU proceedings and out-of-court consensual arrangements with creditors. Tahirah Ara leads the team and is praised for her ‘substantial experience in restructuring and insolvency’, acting publicly listed and private companies. Other key contacts in the group include managing associates Angelene Teo and Jessica Longman.

Practice head(s):

Tahirah Ara

Other key lawyers:

Jessica Longman; Angelene Teo


‘Tahirah Ara has substantial experience in restructuring and insolvency, but also has had exposure to our industry and region ever since her career started.’

‘Angelene Teo is a standout senior associate, who is able to execute deals from term sheet to close without requiring too much input other than commercial clarifications.’

Key clients

PT Bumi Resources Tbk

PT Apexindo Pratama Duta Tbk

PT Bakrie Sumatera Plantations Tbk

PT Visi Media Asia Tbk

Norton Rose Fulbright

Led by Meiyen Tan, who joined from Oon & Bazul LLP in February 2022, the team at Norton Rose Fulbright is well-placed to advise on domestic and cross-border financial restructurings and insolvency mandates, further boosted by its formal alliance with local firm Ascendant Legal LLCSue Ann Gan advises in restructurings arising out of the shipping sector, while managing director at Ascendant Legal LLCKei Jin Chew, is commended as ‘an experienced insolvency practitioner’. Banking and finance expert Yu-En Ong, who heads the Singapore office, is another key contact in the group.

Practice head(s):

Meiyen Tan

Other key lawyers:

Yu-En Ong; Sue Ann Gan; Kei Jin Chew


‘The team are detailed and thorough in their work. They are able to hand-hold clients in stressful situations and deftly guide them through tough litigious processes. The team comprises of very persuasive advocates.’

‘Meiyen Tan is excellent. She is able to provide big-picture strategic advice, and is technically strong.’

‘They have a diverse team covering a range of cross-border restructuring work.’

‘Kei Jin Chew is an experienced insolvency practitioner, who thinks outside the box.’

Key clients


Standard Chartered Bank

DBS Trustees

Work highlights

  • Represented DBS Trustees as trustee to the S$139,464,848 in aggregate principal amount of senior secured zero coupon notes due 2024 issued by KrisEnergy Ltd.
  • Acting for the Trustee of the S$75m 7.00 Per Cent. Notes Due 2018 comprised in Series No 001, Tranche No 001 (ISIN SG6YB8000005) issued pursuant to the S$500m Multicurrency Debt Issuance Programme of CW Advanced Technologies Pte. Ltd. unconditionally and irrevocably guaranteed by CW Group Holdings Limited.
  • Advised an ad hoc group of secured creditors on the $6bn debt restructuring of the world’s largest regional aircraft leasing company, Nordic Aviation Capital DAC (NAC), which completed on the 1st June 2022.

Stephenson Harwood LLP

The team at Stephenson Harwood LLP ‘has strong expertise in shipping and maritime matters, taking a practical and commercial approach to debt restructuring’, with additional experience in the commodities and aviation sectors. Shipping finance specialist Gregg Johnston leads the team and maintains a strong track record in restructurings. Other key contacts in the group include Huay Yee Kwan and Michelle Yong.

Practice head(s):

Gregg Johnston

Other key lawyers:

Huay Yee Kwan; Lauren Tang; Michelle Yong


‘The team is responsive and can provide constructive thoughts and suggestions.’

‘The team has strong expertise in shipping and maritime matters, taking a practical and commercial approach to debt restructuring. The team will be of asset to distressed companies in the maritime sector.’

‘Lauren Tang and Michelle Yong adopt a commercial approach to debt restructuring. They are technically sound in their legal expertise and are able to provide quick and practical advice.’

Key clients

Berge Bulk Shipping

Lion Air Group

MUFG Bank, Ltd

Affinity Shipping

Work highlights

  • Assisted three major creditors of TPT Shipping with issues arising from the collapse of TPT Shipping in New Zealand.
  • Acting for the Lion Air Group in proceedings opened in France, involving aircraft and over 40 lessors.
  • Advised Affinity Shipping on its Southeast Asia group debt and equity restructuring, and subsequent complex share capital reduction.

Watson Farley & Williams LLP

Jointly led by Madeline Leong and Charles ViggersWatson Farley & Williams LLP’s asset and structured finance team is noted for its expertise across the transport and energy sectors, with demonstrable experience advising on restructurings arising out of the aviation and shipping industries. Viggers is global co-head of the firm's aviation practice and Leong counts banks, leasing companies and financial institutions among her key roster of clients.

Practice head(s):

Madeline Leong; Charles Viggers

Work highlights

  • Advised an enlarged working group of creditors on the shipping-related aspects of the debt restructuring of French shipowner Bourbon Maritime.
  • Advised a Korean aircraft leasing company and two Korean banks on various aspects of the ongoing Garuda Indonesia restructuring, including all Indonesian and UK insolvency aspects, the pre-restructuring enforcement of security, potential criminal liability of Garuda and drawing down of letters of credit.

White & Case Pte. Ltd.

The ‘technically sound’ team at White & Case Pte. Ltd. handles a range of debt restructuring, scheme of arrangement and enforcement mandates, with additional expertise in PKPU proceedings in Indonesia. Practice leader Alexander McMyn advises on restructuring and workout of interests in defaulted financings, while Charles McConnell acts for banks, credit funds and corporates in non-contentious restructuring and insolvency mandates. Associate Marry Saragi is another key contact in the group.

Practice head(s):

Alexander McMyn

Other key lawyers:

Charles McConnell; Marry Saragi


‘Technically sound and a strong onshore presence as well.’

Key clients

BYJU’S Pte. Ltd.


RRJ Capital

Think and Learn Private Limited

Work highlights

  • Acted as the New York and Singapore counsel to the borrower in relation to the negotiations on forbearance and restructuring with the holders of its $1.2bn term loan B facility.
  • Advised RRJ Capital on its recapitalisation buy-out merger of Singapore-based Fullerton Healthcare Corporation Limited.