Restructuring and insolvency in Thailand

Weerawong Chittmittrapap acts on local and cross-border negotiations for creditors and debtors, advises on restructurings and represents clients in litigation. The team is led by Natthida Pranutnorapal, a key practitioner in the litigation and arbitration group with experience of business reorganisations and insolvency issues. Senior partner Weerawong Chittmittrapap has been advising companies on restructuring and insolvency law for some two decades.

Practice head(s):

Natthida Pranutnorapal

Other key lawyers:

Weerawong Chittmittrapap

Key clients

Sahaviriya Steel Industries Public Company Limited Sahaviriya Plate Mill Public Company Limited

Saha Farms Company Limited and Golden Line Company Business Limited as EY Corporate Advisory Services Co., Ltd. rehabilitation plan administrator

Krung Thai Bank Public Company Limited Siam Commercial Bank as a creditor of Pace Development Corporation Public Company Limited and Dean & DeLuca Inc. Siam City Bank Public Company Limited

Triple T Broadband Public Company Limited

Jasmine Public Company Limited

Ladprao Plaza Company Limited

Export Import Bank of the United States

Bangkok Aviation Fuel Services Company Limited

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

Sriracha Harbour Public Company Limited, G Steel Public Company Limited

Work highlights

  • Represented Triple T in connection with this debt reorganization since 2008. On behalf of Triple T, directed negotiations with TT&T creditors to maintain Jasmine’s position on the TT&T Board, as well as working to ensure the long-term financial viability of TT&T.
  • Assisted Bridge View on its negotiation with the major creditors for their support for its business rehabilitation and regarding terms and conditions of repayment of debts under the business rehabilitation plan.
  • Represents the debtor, Ladprao Plaza (and the Imperial Lad Prao Mall) in the filing of a petition with the Bankruptcy Court.

Baker McKenzie LLP

Baker McKenzie LLP's restructuring and insolvency practice assists clients on corporate and debt restructurings, the divestment of distressed businesses, as well as the acquisition of distressed businesses. Wynn Pakdeejit is an experienced domestic and international litigator with knowledge of insolvency and debt restructuring proceedings. Kanit Vallayapet undertakes work in respect of debt execution proceedings and issues surrounding territorial bankruptcy while Paralee Techajongjintana is noted for her experience in financial restructuring and stakeholders' rights under bankruptcies and business reorganisations.


‘Baker McKenzie is the largest and most professional firm in the Thai market.’

‘Paralee Techajongjintana is the best lawyer in Thailand.’

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

Work highlights

  • Advise and coordinate for the recovery of funds involving multiple jurisdictions.
  • Represent the client in Thai reorganization 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, including bankruptcy issues in Thailand and across Southeast Asia. Team co-head Timothy Tan undertakes work for global banks, investment funds and corporate borrowers on a range of transactions while co-head Waranon Vanichprapa, provides his expertise on restructuring transactions and bankruptcy issues. Samata Masagee works with her clients on cross-border M&A as well as restructurings and reorganisations.  

Practice head(s):

Timothy Tan; Waranon Vanichprapa

Other key lawyers:

Samata Masagee

Key clients

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

  • Represented an Indonesian listed company through the debt restructuring of its senior secured syndicated facility which went into payment default.
  • Representing the proposed “white-knight” investor in respect of the ongoing debt restructuring and recapitalisation of the Royal Chemie group (an Asian petrochemicals group).
  • Advising the Cayman liquidators of New York-based, US$1.3 billion hedge fund, Platinum Partners Value Arbitrage Fund, in relation to certain equity investments held by the fund in Indonesia.

Mayer Brown

Mayer Brown acts on a range of restructuring and insolvency matters including liquidations, corporate trustee representations and bond restructurings. Clients include local and international banks. Hong Kong-based John Marsden is the key name to note following the departure of Maythawee Sarathai who joined Hunton Andrews Kurth LLP in January 2021.  

Watson Farley & Williams (Thailand) Limited

Watson Farley & Williams (Thailand) Limited's practice advises on insolvency procedures, debt restructuring, and corporate reorganisations. The team is led by Christopher Osborne who has experience advising foreign creditors in Thai insolvency proceedings in the Bankruptcy Court. He also works with Thai companies on the commencement of rehabilitation debt restructuring proceedings in the Bankruptcy Court. Key sector focuses for the firm are energy and transport.  

Practice head(s):

Christopher Osborne

Key clients

AirAsia Group (IHQ) Ltd

Tilleke & Gibbins

Tilleke & Gibbins acts for creditors, debtors, and other stakeholders on matters such as submitting debt repayment during business rehabilitation and bankruptcy processes and working on business renewal through reorganisation. Cynthia M. Pornavalai co-leads the team and is noted for her insolvency work while Thawat Damsa-ard is the firm's primary litigator working on bankruptcy matters. Prisna Sungwanna acts for major US companies in the automotive sector.

Key clients

General Motors

Work highlights

  • Assisted General Motors with two matters involving the reduction of two subsidiaries’ registered capital by way of eliminating both ordinary and preferential shares in preparation for winding down operations in the country.