Baker McKenzie has advised Modernland Overseas Pte. Ltd. (the "Company"), a subsidiary of Indonesian real estate group PT Modernland Realty Tbk, on its successful restructuring of approximately USD 290 million offshore notes.
The restructuring was implemented through a prepackaged scheme of arrangement supported by an overwhelming majority of noteholders and sanctioned by the Singapore High Court. The transaction is mutually beneficial for the noteholders and the Company and combines new-money financing with a tailored mechanism under which certain Indonesian land assets will be transferred to a creditor-controlled special purpose vehicle.
The cross-border Baker McKenzie team was led by Emmanuel Hadjidakis (Principal and Asia Pacific Banking & Finance chair) with support from Lim Yin Li (Senior Associate), Ignatius Koh (Associate) and Shalini Kumar (Associate) in Singapore*, and James Tanner (Partner) and Charles Farnsworth (Of Counsel) in London.
Commenting on the transaction, Emmanuel said: "The cross-border elements added real complexity to this restructuring. Close collaboration across jurisdictions was essential to delivering a workable outcome and practical path forward for all parties."
*Baker McKenzie Wong & Leow is the Singapore member firm of Baker McKenzie