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.
That followed a Singapore court's decision to only offer a moratorium preventing creditors from enforcing claims on assets in the city, but not elsewhere.
Singapore is positioning itself as a fund-raising...