Lessons from Singapore restructuring attempts
The entire process of debt restructuring can be improved and streamlined
Singapore
THE falls of the once-high-flying water treatment company Hyflux, as well as of other oil and gas companies, have cast a spotlight on the debt restructuring process and insolvency proceedings in Singapore.
Over the past few years, the Securities Investors Association (Singapore) (Sias) was involved in several court-sanctioned restructurings. Many of these were for companies in the oil and gas sector. Drawing on this experience, Sias' view is that while the intention of Section 211 (B), which has now been replaced by Section 64 of the Insolvency, Restructuring and Dissolution Act (IRDA), is to give debt-ridden, troubled companies breathing space to restructure their debts via schemes of arrangement, the entire process can be improved and streamlined for future cases.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Australia banks shower investors with A$5 billion in buybacks
AstraZeneca says it will withdraw Covid-19 vaccine globally as demand dips
Electronic Arts forecasts annual bookings below estimates as gamers cut spending
Wynn Resorts quarterly results beat estimates on strength in Macau business
Gold prices hold ground as traders eye US Fed cues
Amazon’s AWS puts another S$12 billion into its Singapore cloud infrastructure