Debt Restructuring of Sapura Energy Berhad
Acted for the Sapura Energy Group in the schemes of arrangement involving the group and its subsidiaries in one of the largest debt restructuring schemes in Malaysia with value of debts in excess of RM12 billion.
This matter is notable as it raised novel questions about cross-border schemes of arrangements in Malaysia, where the client obtained convening and restraining orders for the foreign subsidiaries of the group, and obtained recognition of the orders in other jurisdictions. The matter is also the largest debt restructuring in Malaysia with the use of the schemes of arrangement process, and one of the few recent instances where the court granted post-sanction moratorium against any legal action or proceedings pending the full implementation of the schemes.
Advising Sapura Energy Group were Managing Partner Azman bin Othman Luk, Partners Jack Yow, Kwong Chiew Ee, Tan Yan Yan, and Principals Neoh Jin Keat and Melvin Ng.
