Pacific Andes flags Singapore debt restructuring hurdle
Fish distributor's decision to seek US bankruptcy protection highlights "limitations" of existing laws here, say consultants
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Hong Kong
THE decision by a fish distributor listed in Singapore to abandon local court proceedings and seek US bankruptcy protection shows the hurdles the city faces in its bid to become a global debt restructuring hub.
Pacific Andes Resources Development Ltd, which defaulted on a S$200 million note in January, filed last month in the US for protection against action by creditors. It did so after certain lenders filed to wind up the firm and its subsidiaries in Bermuda and the British Virgin Islands.
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