[Webinar] Practical considerations of pre-packs as a restructuring tool in the US and Singapore

Overview

The use of pre-packs as a restructuring tool has become increasingly popular in recent years. Following a session organised by the Asian Business Law Institute (ABLI) in September 2021 which provided a global overview of different types of pre-packs, ABLI returns this time with a deeper dive into the practical considerations of conducting pre-packs, primarily in Singapore and the United States.

This session is expected to discuss, among others:

• Creditor consent – what it takes to win creditor support before the filing of pre-packs, referencing practices in the US, the Netherlands and Singapore?
• The lack of shareholder cramdown – how the lack of shareholder cramdown in Singapore has or may have posed challenges in pre-packs there, and would it affect the recognition in Singapore of US pre-packs that entail equity cancellation?
• The lack of cross-class cramdown – would the lack of cross-class cramdown in a Singapore pre-pack force the debtor’s hand?
• Advice from the Bench – what does the Bench in Singapore would like to see in pre-packs presented before them?

This session is expected to reference case studies such as Zipmex, Re Brightoil Petroleum (“lock-up fees” and “lock-up agreements”), Re DSG Asia (disclosure requirements), “death trap” or “flip-up election” mechanisms seen in US pre-packs (such as in Fullbeauty), Hoe Leong, Pacific International Lines, and others.  

The speakers for this session are Justice Aedit Abdullah (Judge of the Supreme Court of Singapore), Dan T. Moss  (Partner, Jones Day) and Tan Kai Yun (Partner, Restructuring & Insolvency and Special Situations Advisory, WongPartnership LLP).  

ABLI thanks INSOL Asia Hub for its support for this session.