Singapore Makes a ‘Good Start’ on Its Debt Restructuring Ambitions
- Indonesian developer Bakrieland is first to win court sanction
- Legal framework to help companies, benefit all stakeholders
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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 U.S. 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.