Firms To Watch: Restructuring and insolvency

Chandler MHM Limited advises creditors on debt rehabilitation matters arising out of the aviation and manufacturing sectors. Joseph Tisuthiwongse heads up the practice alongside Waree Shinsirikul, who joined the firm in January 2021, and newly promoted partner Nathee Silacharoen.

Restructuring and insolvency in Thailand

Baker McKenzie LLP

The restructuring and insolvency practice group at Baker McKenzie LLP acts for clients on contentious and non-contentious corporate and debt restructurings, divestments and acquisitions of distressed businesses. Practice co-leader and experienced litigator Wynn Pakdeejit represents clients in insolvency and debt restructuring proceedings, while Paralee Techajongjintana is noted for her expertise in financial restructuring, stakeholders’ rights under bankruptcies and business reorganisations, as well as litigation in the bankruptcy court. Piyapong Panyachiva is also a key contact and acts for clients in debt restructuring, business rehabilitation and bankruptcy litigation.

Other key lawyers:

Piyapong Panyachiva


‘Paralee Techajongjintana is an excellent litigator.’

Key clients

Credit Suisse AG

Bangkok Commercial Asset Management Co., Ltd.

Bank of China (Thai) Public Company Limited

Pacific Alliance Operating Fund LP

Panjapol Pulp Industry Public Company Limited & Panjapol Paper Industry Co., Ltd.

Amata Spring Development Company Limited

Official Receiver of the Bangkok Bank of Commerce Public Company Limited

All Season Property Company Limited

Macquarie Corporate Holdings Pty Limited

ICBC Standard Bank

Credit Suisse

Work highlights

  • Advising the official receiver of one of the largest financial institutions in Thailand on the recovery of funds involving multiple jurisdictions.
  • Representing a multinational investment bank in Thai reorganisation proceedings, analysing the risks of debt restructuring both in-court and out of court, and negotiate debt restructuring schemes while assisting the official receiver to retrieve assets from varying sources.

DLA Piper

DLA Piper advises financial institutions and multinational corporations on financing and debt restructuring transactions, as well as bankruptcy matters, and leverages the expertise of the wider regional restructuring and special situations team, and the firm’s global presence in this space. Practice co-leader Waranon Vanichprapa acts for Thai and international banks and companies on restructuring and bankruptcy matters. Practice co-leader Timothy Tan has experience in debt finance and debt restructuring transactions across the Asia Pacific region, while Komson Suntheeraporn represents creditors in court-supervised rehabilitation proceedings.

Other key lawyers:

Komson Suntheeraporn

Key clients

Bank of Ayudhya Public Company Limited

CIMB Bank (Thai) Public Company Limited

ASM Security Management Co., Ltd. (a subsidiary of Loxley Plc.)

Deutsche Bank, Hong Kong Branch

Tata Steel UK

Platinum Partners Value Arbitrage Fund

SSG Capital


Clearwater Capital Partners

Christopher Kennedy and Matthew Wright of RHSW (Cayman) Limited

Work highlights

  • Advising and representing both and all of the bondholder representatives in the court-supervised rehabilitation proceedings of Thai Airways International PCL.
  • Representing a proposed white-knight investor in Royal Chemie in respect of the ongoing debt restructuring and recapitalisation of the group.
  • Representing the Cayman Islands-based liquidators of a New York-based hedge fund in relation to certain equity investments held by the fund in Indonesia.

Weerawong, Chinnavat & Partners

Weerawong, Chinnavat & Partners advises domestic and international clients on restructuring and insolvency matters, as well as acting on cross-border negotiations for creditors and debtors and representing clients in litigation. Practice head Natthida Pranutnorapal has experience in business reorganisations and insolvency matters, and senior partner Weerawong Chittmittrapap is also noted.

Practice head(s):

Natthida Pranutnorapal

Other key lawyers:

Weerawong Chittmittrapap

Key clients

Sahaviriya Steel Industries Public Company Limited

Saha Farms Company Limited and Golden Line Company

Business Limited as EY Corporate Advisory Services Company Limited, rehabilitation plan administrator

EY Corporate Advisory Services Company Limited as the plan preparer of Energy Earth Public Company Limited

Triple T Broadband Public Company Limited

Export Import Bank of the United States

Jasmine Public Company Limited

Sahaviriya Plate Mill Public Company Limited

Bridge View Company Limited

Ladprao Plaza Company Limited

Pace Development Corporation Public Company Limited and

Dean & DeLuca Inc.

Tilleke & Gibbins

Tilleke & Gibbins advises creditors, debtors and other stakeholders on a range of matters, from submitting debt repayment applications during business rehabilitation and bankruptcy processes to the distribution of assets as a result of company closure, as well as reorganisations. Cynthia M. Pornavalai, who heads up the team with litigator Thawat Damsa-ard and Prisna Sungwanna, acts for clients on bankruptcy, insolvency and restructuring matters.

Other key lawyers:

John Frangos

Key clients

American Express

Collins Aerospace, a Raytheon Technologies company

Dnata Catering

Euler Hermes

General Motors Thailand and General Motors Powertrain

Work highlights

  • Assisted General Motors with several matters related to its decision to wind down much of their operations in Thailand, including the reduction of $425m in registered capital.
  • Advising an American multinational financial services corporation on several matters related to Thai Airways’ insolvency and business rehabilitation petition, including assisting with the preparation and submission of a debt repayment application that was granted by the official receiver.
  • Acting for a petrochemicals manufacturer to handle the Thailand portion of its global share restructuring project, which included the transfer of its subsidiary business in Thailand.

Watson Farley & Williams (Thailand) Limited

Watson Farley & Williams (Thailand) Limited handles insolvency procedures, debt restructuring,  reorganisations and company restructurings. Christopher Osborne heads up the team and has experience in advising foreign creditors in Thai insolvency proceedings in the Bankruptcy Court, as well as acting for domestic companies on the commencement of rehabilitation debt restructuring proceedings.

Key clients

Aircraft Maintenance and Engineering Corporation

ALAFCO Aviation Lease and Finance Co KS

Genesis Aircraft Services Limited

Groupe ADP

KEOS Aviation UK Limited

Allen & Overy (Thailand) Co, Ltd

Allen & Overy (Thailand) Co, Ltd’s Bangkok practice is noted for its expertise in handling debt restructuring and reorganisation mandates; the team also regularly collaborates with its other offices across the Asia Pacific region to act for multinational corporations, banks and other financial institutions on cross-border restructurings and insolvencies matters. Practice co-leader Stephen Jaggs advises clients in the transportation, power and energy sectors on restructuring matters, while practice co-leader Sarah Wilson focuses on the aviation sector.

Practice head(s):

Stephen Jaggs; Sarah Wilson

Work highlights

  • Advised a regional development bank on the drafting of a master template standstill agreement and integrated term sheet, along with guidance notes to be used as a base for all of their restructurings in the Asia Pacific region.