HHP Law Firm won the Islamic Finance News (IFN) Indonesian Deal of the Year 2017 award for the Sumberdaya Sewatama restructuring deal. HHP Law Firm acted for three creditor groups in the restructuring of this complex Shariah financing. IFN Deals of the Year Awards are recognized as the most prestigious Islamic capital market honors, distinguished for their inclusivity, impartiality and independence.
This deal involved restructuring of multiple creditor groups going in parallel and with a number of inter-creditor issues to manage: conventional bank loans, conventional bonds, sukuk (shariah bonds) and shariah IMBT financing. The restructured debt was in total equivalent to USD 134 million in value. This is the first restructuring of a shariah financing and sukuk.
As mentioned by IFN, this deal should set a precedent for future restructuring of Islamic deals whether stand-alone or part of multi-party financings with conventional and Islamic financiers.
The HHP Law Firm team was led by Senior Partner Indri Pramitaswari (Mita) Guritno with support from Indah N. Respati, Cindy Riswantyo, Ilham F. Raaziy and Armand Maulia Harahap.
“This deal involved multiple creditor groups with different procedures and terms which required an unusual approach to balance the interests of each creditor group. Our team strength in advising on complex and conventional-shariah-mixed financing were put to the test and we managed to create a new intercreditor arrangement and sharing of new security among all creditors." Mita Guritno said.
For the complete list of winners of the Islamic Finance News Awards, please click here.