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Singapore court recognises Chapter 11 trustee in Pacific Andes' debt restructuring
SINGAPORE has recognised the cross-border debt restructuring process initiated by Bermuda-incorporated Pacific Andes Resources Development in the US.
The High Court, after a hearing on July 24, held that the US Chapter 11 trustee, William A Brandt Jr, shall be recognised as the foreign representative of CFG Peru Singapore.
He shall also be entrusted with the administration and realisation of all or any part of the property and assets of CFG Peru Singapore, Pacific Andes said in a filing with the Singapore Exchange.
In March 2017, Golden Target Pacific, an indirect subsidiary of Pacific Andes, filed for Chapter 11 bankruptcy in the US. The parent group also sought protection under the US bankruptcy code in September 2016, after defaulting on S$200 million notes issued in Singapore.
CFG Peru Singapore is reportedly in control of close to 100 per cent of Pacific Andes' Peruvian operations.
According to a report in April, Mr Brandt was looking to a sale of certain properties held under the Peruvian operations.