Operational & Financial Restructuring

Chief Restructuring Officer (“CRO”) and lead advisor to a dual-listed (Singapore and Jakarta) Indonesian company with a chemical tanker fleet of more than 50 vessels operating globally from Jakarta, Hong Kong and US (Southport, Connecticut) – debt in excess of USD2 billion comprising a senior secured syndicate of international banks, high yield USD bonds, convertible bonds, IDR bonds, lease, derivative and trade claims. Work undertaken included stabilising a crisis through implementation of vessel protection measures, cash flow management, restructuring an underperforming fleet by removing (through lay up or sale) unprofitable vessels and contracts including realigning trade lanes, management changes and management information generation.

Establishing a restructuring proposal to accommodate diverse lender and stakeholder groups (Asia, New York, London and Netherlands) including preparation of forecasts determining revised loan terms, new money requirements for working capital, cash sweep mechanisms and equity issuance. Negotiating terms and implementing restructuring within the framework of a PKPU process in Indonesia, s210(10) in Singapore and Chapter 15 in New York including working with clearing systems and bond trustees to secure requisite approvals from bondholders and shareholders (retail and institutional investors).

Key People