Restructuring of a Singapore-listed design and construction company that was severely impacted by Covid-19 and with creditor claims in excess of $100million.

Jurisdictions involved

Singapore, Malaysia, China, Thailand, Myanmar, Sri Lanka, and Dubai

The business and background

The company was a leading design and construction firm headquartered and listed in Singapore, with operations in Malaysia, China, Thailand, Myanmar, Sri Lanka, and Dubai. Following the widespread impact of Covid-19, they faced significant liquidity problems. 

What we did

We were appointed as Chief Restructuring Officer and quickly designed and implemented the operational restructuring of its business. This led to the sale and exit of its state-of-the-art manufacturing facility in China and the closure of its operations in Thailand which allowed for significant cost reductions across the group.

In parallel to the operational restructuring, we assumed the role of Interim Chief Financial Officer. In doing so we implemented rigorous financial controls and reporting processes, as well as pursuing a financial restructuring through nine parallel schemes of arrangement in Singapore and Malaysia. To facilitate the restructuring and support ongoing operations, we sourced and structured the first ever $62million super-priority rescue financing facility approved by the Singapore High Court. 

We also successfully oversaw multiple litigation, arbitration, and formal construction dispute proceedings in almost every jurisdiction in which the company was operating. 

The outcome

This engagement is ongoing.