Singapore has 'good start' in bid to become debt restructuring hub
Indranee Rajah says key to a good restructuring is for the parties and the court "to take a commercial approach to it"
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SINGAPORE has made "a good start" in its bid to become a debt restructuring hub in the region, with six workout cases filed before its courts after it adopted US Chapter 11-like incentives in local company laws this year, Senior Minister of State for Law and Finance Indranee Rajah said.
Indonesian developer PT Bakrieland Development is set to complete its group restructuring after a plan by its unit, BLD Investments Pte Ltd, was sanctioned by a local judge earlier this month in the first of such cases. Other publicly disclosed filings involved Attilan Group Ltd, TT International Ltd, EMAS Offshore Ltd and Nam Cheong Ltd.
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