Restructuring of a Singapore-listed chemical fiber manufacturer, listed in the Cayman Islands and Singapore and with operations in China.

Jurisdictions involved

Cayman Islands, Singapore, and China

The business and background 

Incorporated in the Cayman Islands, China Sky Chemical Fibre Limited (“China Sky”) was one of the first foreign incorporated entities to successfully apply to be placed under judicial management in Singapore. 

What we did

The engagement involved several legal jurisdictions including Singapore, the Cayman Islands, BVI and China. Investigations were commenced to understand the status of the operating subsidiaries in China. Thereafter, an Implementation Agreement was entered into with a potential investor which was listed on the Philippine Stock Exchange to transfer the listing status of China Sky via a scheme of arrangement in Singapore and a parallel scheme in the Cayman Islands. 

In addition, the Singapore Exchange approved China Sky’s Resumption of Trading Proposal pursuant to the Implementation Agreement. 

China Sky was eventually delisted as the investor was unable to meet certain deadlines due to the COVID-19 situation as well as natural disasters in the Philippines.

The outcome

This engagement has concluded.