Corporate Restructuring & Workouts

Our Corporate Restructuring & Workouts Practice and its key members have been consistently ranked as industry leaders by international independent research houses and publications for many years. In 2021, Global Restructuring Review has identified us as one of the world’s top 30 restructuring practices. We have been featured in the elite GRR Top 30 rankings for four consecutive years.

With over 30 lawyers, our team is one of the largest dedicated restructuring practices in the country. Our lawyers have a very diverse skill set, spanning dispute resolution, mergers and acquisitions, capital markets, and finance. This equips us to deal with the complex issues that arise in workouts, the rehabilitation process, and solvent reorganisations. Our experience includes the divestment of non-core assets, distressed mergers and acquisitions, and debt trading under LMA rules. Our unparalleled strength in litigation also means our clients are represented by some of the most formidable advocates in Asia. 

The Corporate Restructuring & Workouts Practice stands out for its regional focus and cross-border capabilities. We have been involved in the major workouts in Indonesia for the past 10 years and they continue to make up a significant amount of our work. Most of our matters involve debt and equity securities quoted in Indonesia, Singapore, or the United States. Consequently, we are experienced with the capital market regulations and the bankruptcy codes of various jurisdictions such as the Indonesian PKPU regime and the United States Bankruptcy Code including exchange offers, liquidations, and restructurings under Chapters 7, 11, and 15.

Here are some of the major restructurings and workouts that we have been involved in:

Indonesian Restructurings

• APP’s US$ 14 billion - Advised on the debt restructuring of Asia Pulp & Paper, one of the world’s largest restructuring exercises, which involved about 150 subsidiaries worldwide including in China, Indonesia, Singapore, Europe, etc. Its creditors include the export credit agencies of various countries such as US, Japan, Germany and France, public and institutional investors, financial institutions and other government agencies. In addition, Sushil and Julian worked as part of a team that devised a scheme of arrangement sanctioned by the Courts of Bermuda that restructured some US$690 million of debt relating to APP’s China holdings. 


• Domba Mas’s US$ 2 billion - Advised the Sawit Mas Group including its oleochemical arm, Domas Agrointi Prima, on its debt and corporate restructuring and sale of its palm oil plantations and oleochemical plants. The obligations to be restructured included debt in excess of US$600 million, and a US$2 billion off-take agreement with Proctor & Gamble.  The disposal required the consent of all stakeholders and resulted in the purchaser assuming a substantial part of the obligations of the Sawit Mas Group. 


• TPPI’s US$ 1 billion - Advised on the restructuring of the Tuban Petro Group. The petrochemical group signed a comprehensive debt restructuring term sheet with its principal creditors, the Government of Indonesia, Pertamina and BPMIGAS in May 2011 and is in the process of implementing the terms of the restructuring. The Tuban Petro Group restructuring is considered by the Government of Indonesia to be the largest and potentially most successful restructuring in Indonesia.


• Berlian Laju’s US$ 2.5 billion - Advised on the worldwide debt restructuring of PT Berlian Laju Tanker Tbk. PT Berlian is a leading worldwide seaborne liquid cargo transportation specialist and one of the largest chemical tanker operators in the world.  Its fleet of over 100 vessels comprises chemical tankers, oil tankers, gas tankers FSOs and FPSOs. The company is listed on both IDX and SGX. The total debt of the company is estimated at over US$2 billion.  As PT Berlian has assets and operations all over the world, its debt restructuring involves complex multi-jurisdictional legal and practical issues.


• Apexindo US$413 million - Advised certain hedge fund creditors who hold bonds by the Singapore incorporated holding company of PT Apexindo which are now in default. PT Apexindo is a major energy services company based in Indonesia principally engaged in providing oil, gas and geothermal drilling services. The restructuring will involve cross border insolvency issues relating to the giving of guarantees and security in Singapore and Indonesia as well as complex inter-creditor issues.

Chinese On-shore and Off-Shore Restructurings

• BGP CNPC - Advised BGP, the largest seismic exploration company in the world and a subsidiary of China National Petroleum Corporation, on a work-out and the restructuring of a shipbuilding contract involving a Korean shipyard.


• China Energy - Advised China Energy on a group re-organisation which will entail a merger with Jiutai Inner Mongolia which is estimated to be worth in excess of US$700 million.


• Sunshine Holdings - Advised the Singapore-listed and Henan-based property developer in the successful restructuring of its US$120 million syndicated loan and US$32 million convertible bonds.


• Sino-Environment - Advised certain creditors of Sino-Environment Technology Group which has defaulted on its obligations under its S$149 million bond issue. The advice includes developing strategies for the creditors in connection with the disclosure by the company that certain questionable cash transactions and matters which may have a significant impact on the financial position of the company have occurred.


• China Hongxing - Acted for this Singapore listed S-Chip company and leading sports brand in the PRC which is engaged in the design, manufacture and sale of an extensive range of sports footwear and sale of a wide range of sports apparel and accessories via an extensive distribution network spanning the PRC, Middle East, Southeast Asia, South America, Europe and Russia. Our engagement is to assist the Special Auditor which has been appointed to carry out a thorough investigation into certain irregularities raised by the Company’s auditors in the cash and bank balances, accounts receivables, accounts payables and other expenses during the audit of the Company’s subsidiary companies in the PRC as well as to advise on the appropriate measures to be adopted by the group to safeguard its assets, continue its operations and enhance values for all its stakeholders.

A comprehensive deals list is available on request.

Practice Areas

• Workouts
• Debt Restructuring
• Liquidation
• Judicial Management
• Bankruptcy
• Receivership
• Corporate Reorganisations
• Distress M&A
• Cross-Border M&A

Accolades

Chambers Asia-Pacific
Restructuring/Insolvency 2024 – Band 1 for 17 consecutive years.

Leading Individuals:
Sushil Nair for 17 consecutive years
Julian Kwek for 14 consecutive years
Blossom Hing for 9 consecutuve years
Chan Wei Meng for 4 consecutive years
Mohan Gopalan for 7 consecutive years

"The team at Drew & Napier are experienced and meticulous and have the network to give the right feedback and advice."

"They have strong credentials and deep knowledge, providing practical solutions. The turnaround is fast, with quality and clarity."

Sushil is "extremely hard-working, smart and creative", and "is a great leader and organises the team well."

Julian "is an intelligent and creative problem solver who always makes sure to understand his clients' objectives and concerns in developing effective strategies in their complicated cross-border restructuring matters."

Blossom “possesses both elite litigation and business transaction skills, and consistently provides excellent advice and representation to help clients work through and emerge successfully from complex restructurings."

Wei Meng "is very practical and provides well-rounded advice." "He consistently provides first-rate legal advice and representation."

Mohan "provides excellent advice and representation in assisting companies achieve their restructuring goals successfully."

Asia-Pacific Legal 500
Restructuring & Insolvency 2024 – Tier 1 for 13 consecutive years

Hall of Fame:
Sushil Nair
Blossom Hing

Next Generation Partner:
Mohan Gopalan

Recommended Lawyer:
Julian Kwek
Chan Wei Meng

"The Drew & Napier restructuring group is extremely impressive. They expertly and successfully guide Southeast Asian-based companies through extraordinarily complex and often intense restructurings."

"Sushil Nair and Julian Kwek are extremely hard-working, smart and creative. I have seen them achieve excellent results for their clients in every matter where I have had the privilege of working with them."

"Drew & Napier has a strong bench of restructuring and insolvency partners and the standout partner is Blossom Hing. Blossom has many years’ experience in complex restructuring and insolvency matters."

"Blossom Hing, Chan Wei Meng and Mohan Gopalan – I always have been impressed with the first-rate quality of their work and their dedication to helping their clients work through and emerge from difficult times."

"Blossom Hing’s standing and leadership in the restructuring and insolvency arena is a major draw and benefit for clients. Blossom is tenacious in her pursuit of client goals and is highly creative and solutions-oriented in the restructuring arena."“Extremely commercial and competent. They are able to grasp issues affecting not just the legal position but also address the commercial, political and reputational concerns of the client.”

“Very good team with each complimenting the other.” “Worked with many law firms the past 5 years and Drew is the most organised and effective by far.”

“I think the key differentiator here is the ability to bridge the communication gap between investor/company and creditors/banks is absolutely critical in any successful restructuring.”

“I am very satisfied with the level of service provided by Drew & Napier especially their in depth understanding and knowledge of how to achieve an amicable solution that would be acceptable to all parties.”

“The Drew & Napier lawyers with whom I have worked most closely are Sushil Nair and Julian Kwek, the co-heads of the restructuring group. Both are extremely hard-working, smart and creative — and I have seen them achieve excellent results for their clients in every matter where I have had the privilege of working with them. I also have worked closely with Blossom Hing, Chan Wei Meng and Mohan Gopalan – and, as with Mr Nair and Mr Kwek, I always have been impressed with the first-rate quality of their work and their dedication to helping their clients work through and emerge from difficult times.”

“I have worked closely with Drew & Napier for nearly two decades on various cross-border restructuring matters. The Drew & Napier restructuring team is extremely impressive. I have seen first-hand the Drew & Napier team expertly and successfully guide Southeast Asian-based companies through extraordinarily complex and often intense restructurings.”

“Throughout the period, we have found the services provided to be highly professional and their knowledge often extended beyond the legal aspect and offered excellent business perspectives and recommendations. Because our core business tended to be Indonesia-focused, the team had impressed us with their extensive knowledge of the Indonesian legal environment and business practices.”

“I always have been impressed with the first-rate quality of their work and their dedication to helping their clients work through and emerge from difficult times.”

"Sushil Nair, stands out as an astute insolvency practitioner who is not only well versed in insolvency laws but a highly intelligent and commercial lawyer. He has an ability to see through the complexities very early and delve into the core issues. However, he is also practical and seeks to find resolution amongst the various stakeholders to ensure a successful restructuring.’"

"Julian is not only well versed in the legal aspects but also has the uncanny ability to look at the issues from a business perspective and offer valuable insights and recommendations. He has always been extremely responsive to our needs and works well under time pressure. He has been available literally 24/7 and always able to meet deadlines and targets."

Blossom Hing is a  "tenacious and strong litigator" and she "has wonderful experience in this sector having been involved in some of the biggest, most complex cases in Asia and globally."

"Chan Wei Meng is a well-recognised and highly respected lawyer in the insolvency sector. He played the lead role in advising us and managing all our financial restructuring matters, as well as providing advice on the appropriate financial structures for our fund-raising exercise. Wei Meng stands out for his knowledge and ability to suggest practical and viable solutions in even the most difficult situations."

Mohan Gopalan is a  "rising star with a lot of depth."

An "established practice" with "very competent professionals."

"A superb team that achieves excellent results in the most complicated cross-border restructurings."

The team is "one of the best" especially for more complex matters. Sushil Nair and Julian are "outstanding in developing and implementing effective and creative strategies that have produced successful debt restructurings in circumstances that seemed hopeless at the start".

Clients described the restructuring team as a "smart, commercial and solution-focused" team that "delivers out-of-the-box solutions", making it the "top of the field" in restructuring.  

“Client perspective is what makes this practice unique. The team that works with us at Drew & Napier is well versed with the law but always keeps their legal expertise in the background. Instead, what we keep receiving are business solutions with a sound legal judgement already instilled in them. Business solutions that show a true understanding of what we, as clients, want to achieve.”

“Good respectable name, good relationships with stakeholders which helps when working through difficult issues.”

“I feel confident that whilst their relationship with other stakeholders is good, they still ensure priority is with us their clients.

“They are very knowledgeable in terms of legal perspective. Not only they understand the legal aspect, they understand how to make a deal done.”

IFLR 1000: Guide to World’s Leading Financial Law Firm
Restructuring & Insolvency 2023 – Tier 1 for 17 consecutive years.

Leading Individuals:
Sushil Nair – Market Leader for 5 consecutive years, previously Highly Regarded for 2 consecutive years, and Leading Lawyer from 2011 to 2017 
Julian Kwek – Highly Regarded for 7 consecutive years, Leading Lawyer from 2012 to 2017 
Blossom Hing – Highly Regarded for 5 consecutive years, previously Rising Star for 6 consecutive years; Women Leaders
Chan Wei Meng – Highly Regarded for 6 consecutive years, up from Notable practitioner in 2018 
Mohan Gopalan – Rising star partner for 3 consecutive years, previously Rising Star for 3 consecutive years, and up from Notable practitioner in 2018

“Extremely commercial and competent. Timely and spot-on advice from an award-winning lawyer.”

“Strong technical and quick turnaround.”

"Knowledgeable, efficient and well prepared." 

"The lawyers involved were attentive and creative in the way they gave advice." 

"I work well with their various departments, particularly dispute resolution, insolvency and restructuring and corporate. They provide me with all the services that I need." 

"A strong team of insolvency practitioners with good support. The team provides good legal advice." 

"Go-to firm in this area. Good breadth of experience in the relevant jurisdictions. Great client relations. Commercial outlook." 

"Very experienced team when it comes to restructuring and insolvency. One of the best litigation firms in Singapore." 

"The Drew & Napier team is smart, creative and hardworking and consistently guides companies through complex restructurings to successful conclusions." 

“Very knowledgeable in the field, deep contacts and relationship with banks, good relationship with the judge, availability and accessible at all times.”

“Strong law firm who can act for corporates and not only banks.”

“Very commercial-driven. Prompt in response time. Sharp in picking up good points from client's view and negotiate them along the way."

“I find what makes Sushil's advice are his practicality and able to empathise with the positions of both sides so that a resolution can be found. He is also a good sounding board to explore out-of-the-box solutions."

“Blossom Hing is the standout restructuring lawyer at the firm who has deep experience in this area.” She is “tenacious and thoughtful, energetic and creative.”

Wei Meng “spared no effort in examining our case from multiple perspectives, offering us multiple solutions for every problem.” He showed “great eye for detail and went well beyond their duty, coming up with many solutions that were both practical and amicable for us.”

“Extensive experience in the restructuring & insolvency field in Asia especially in Indonesia.”

“The firm consistently delivers excellent results for its clients in extremely complicated matters where significant amounts are at stake.”

“They are well-versed in the law and have a commercial point of view as well.”

"Sushil Nair and Julian Kwek are both extremely intelligent, diligent and creative -- which leads to great results in the complex debt restructuring matters that they deal with."

Julian has “always been very responsive and able to provide excellent advice and suggestions on not just legal issues but also the commercial implications arising.”

“He had impressed us on his extensive knowledge about Singapore law as well as a good grasp of the legal environment in Indonesia. His strongest point is his uncanny ability to look beyond just the legal perspective and also provided excellent advice on the commercial implications.”

Asian Legal Business (ALB) SE Asia Law Awards 2023
Restructuring and Insolvency Law Firm of the Year

GRR 100 2023 and GRR 30 2021 by Global Restructuring Review 
Listed as one of the world’s top 100 restructuring practices for 7 consecutive years and featured in the elite GRR Top 30 rankings for four consecutive years.

"They are able to grasp issues affecting not just the legal position but also address the commercial, political and reputational concerns of the client".

"The firm were not only able to provide a good perspective on a challenging situation but went beyond what is usually required of law firms to help close the deal".

“I have seen first-hand the Drew & Napier team expertly and successfully guide Southeast Asian-based companies through extraordinarily complex and often intense restructurings".

“Of all the [Singapore] Big Four, they have the best team. They have a real, genuine restructuring practice. They’re a self-contained unit, tight, and their people are trained to do both transactional and dispute work, which is what is demanded of our business.”

“They know the oil and gas industry, and always consider and handle the matters in the interests of the clients.”

A source said: “The Drew & Napier team consistently has produced excellent results for their clients in the most complex restructuring matters.”

“high and professional” level of service.

Who’s Who Legal
Restructuring & Insolvency 2023

Leading Individuals:
Sushil Nair for 15 years
Julian Kwek for 6 years
Blossom Hing for 7 years
Chan Wei Meng for 3 years
Mohan Gopalan for 3 years

Global Elite Thought Leader 2023: Restructuring & Insolvency – Sushil Nair, Blossom Hing

Southeast Asia 2023: Restructuring & Insolvency – Sushil Nair, Julian Kwek, Blossom Hing, Chan Wei Meng and Mohan Gopalan

Southeast Asia 2023: Investigations – Blossom Hing for 2 consecutive years

Investigations Future Leaders 2021 – Chan Wei Meng for 3 consecutive years

Best Lawyers International: Singapore
Insolvency and Reorganisation 2024

Leading Lawyers:
Sushil Nair
Julian Kwek
Blossom Hing
Chan Wei Meng
Mohan Gopalan

Sushil Nair – Insolvency & Reorganisation Lawyer of the Year 2010 and 2019 for Singapore

asialaw Profiles
Restructuring & Insolvency 2023 – Outstanding for 8 consecutive years

Clients praised the corporate restructuring and workouts team at Drew & Napier as service-oriented. A client commented that the service provided by the team is "top notch".

“Blossom Hing, a partner in the firm is an outstanding lawyer with in-depth knowledge and experience and a very creative approach to problem-solving.” 

“Legal advice is not only sound, but the firm seeks to find solutions when there are gaps amongst stakeholders. Willing to push for commercial and practical solutions. Committed and available for discussions when needed.” 

“The firm consistently provides excellent and effective guidance to companies whose survival might depend on restructuring debts, which often involve creditors in various jurisdictions around the world.” 

“The Drew & Napier team consistently provides excellent service in complex, high-stakes cross-border restructuring matters.”

“The team of lawyers assigned to us has extensive experience and knowledge of the Indonesian legal environment.” 

Another client complimented Julian Kwek for “his ability to look at client’s problem from [the] client’s perspective and giving practical solutions”.

asialaw Leading Lawyers
Restructuring & Insolvency 2023/2024
Sushil Nair – Elite Practitioner for 5 consecutive years, previously Market-Leading Lawyer for 2 consecutive years
Julian Kwek – Elite Practitioner for 5 consecutive years, previously Market-Leading Lawyer for 2 consecutive years
Blossom Hing – Elite Practitioner for 5 consecutive years, previously Leading Lawyer
Chan Wei Meng – Notable Practitioner 
Mohan Gopalan – Rising Star for 5 consecutive years 

The Straits Times – Singapore’s Best Law Firms
Rated full marks (5 stars) for Insolvency and Restructuring for 4 consecutive years in the Singapore’s Best Law Firms 2024 survey by Singapore’s largest circulating broadsheet, The Straits Times, and international research company, Statista.

Benchmark Litigation Asia-Pacific 
Insolvency 2023 – Tier 1 for 5 consecutive years

Sushil Nair and Blossom Hing are identified as Litigation Star
Mohan Gopalan is identified as Future Star 

Asialaw Awards 2022/23
Impact Deal and Case Award – Hin Leong Trading Insolvency matter

IFLR Asia Awards 2016
Restructuring Deal of the Year – The Restructuring of PT Berlian Laju Tanker Tbk