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Bloomberg
Singapore has made “a good start†in its bid to become a debt restructuring hub in the region, with six workout cases filed before its courts after it adopted US Chapter 11-like incentives in local company laws this year, a senior government official said.
Indonesian developer PT Bakrieland Development is set to complete its group restructuring after a plan by its unit BLD Investments Pte. was sanctioned by a local judge earlier this month in the first of such cases. Other publicly disclosed filings involved Attilan Group Ltd., TT International Ltd., EMAS Offshore Ltd. and Nam Cheong Ltd.
“The fact that we have six filed this year alone after the amendment is an indication that people are certainly looking to try out this new restructuring regime,†Indranee Rajah, senior minister of state for law and finance, said.
Singapore, aiming to bolster its position as a centre for debt revamps, amended the Companies Act in March, giving worldwide effect for debt moratorium, enabling debtor-in-possession financing, and granting rescue-capital providers super-priority claims on assets over existing creditors.