[Webinar] Recent Developments in Rescue Financing in Singapore: A Case Study Approach

Aurelio Gurrea Martinez
Asst Prof of Law
SMU Yong Pung How School of Law

David Chew
Partner
DHC Capital

Smitha Menon
Partner
WongPartnership

SYNOPSIS

In 2017, Singapore introduced several important reforms to its debt restructuring framework. Among these reforms, mainly inspired by the US Chapter 11, Singapore introduced a new rescue financing regime that sought to tackle one of the primary issues faced by financially distressed debtors: the inability to obtain new financing. Through the new regime of rescue financing, currently included in the Insolvency, Restructuring and Dissolution Act 2018 and available to companies conducting a scheme of arrangement and companies in judicial management, lenders of rescue financing can obtain a super priority. This provides them with a greater incentive to extend credit to financially distressed firms, facilitating the reorganisation of viable companies and the maximisation of the returns to creditors. In the past years, several debtors have successfully managed to obtain rescue financing in Singapore.

This webinar featuring an inter-disciplinary panel will take a unique case study approach. Specifically, the panelists have been involved in actual cases before the Singapore courts, such as that involving Asiatravel.com, Swee Hong Ltd and Design Studio Group Ltd. Panelists will share their hands-on, practical insights into planning and applying for super priority rescue financing from the Singapore courts, and use real-life examples to illustrate and explain the following themes:

• Concept and limits of rescue financing under Singapore law
• Types of super priority existing under the new regime of rescue financing
• Legal and financing conditions needed to obtain rescue financing
• Protection of creditors in the approval of rescue financing
• Valuation issues in applications for rescue financing
• Cross-collateralization and roll-ups
   

Where appropriate, panelists will also share comparative insights, such as the similarities and divergences between the rescue financing regime under Singapore law and the debtor-in-possession (DIP) financing provisions existing under the US Chapter 11. The webinar will conclude with an analysis of the future challenges and opportunities of rescue financing in Singapore.

SPEAKERS

Aurelio Gurrea-Martínez
Aurelio Gurrea-Martínez is an Assistant Professor of Law and head of the Singapore Global Restructuring Initiative at Singapore Management University. He is a member of the Academic Steering Committee at INSOL International as well as co-chair of the SMU-3CL Cambridge Roundtable on Corporate Insolvency. He has taught, studied or conducted research at several institutions in the United States, the United Kingdom, Continental Europe, Asia and Latin America, including Harvard Law School, Yale Law School, Columbia Law School, Stanford University, and the University of Oxford. His research interest lies in the intersection of law and finance, with particular emphasis on corporate governance, financial regulation, corporate finance, and corporate insolvency law, and how legal and institutional reforms may promote entrepreneurship, innovation, access to finance and economic growth.
 

David Chew
David is a Partner of DHC Capital. DHC Capital is a leading investment banking and financial advisory firm specialising in solving critical business challenges due to liquidity pressures or financial stress and distress.

David has over 24 years of experience in restructuring, turnaround and special situations having worked as an advisor with Ernst & Young and Arthur Andersen, investment banker with Morgan Stanley, in senior management as a Chief Restructuring Officer (CRO), Chief Financial Officer (CFO) and interim CFO and Board member to distressed companies.

David has been involved in several ground-breaking “firsts” in restructuring in the region. He was involved in the first three super priority rescue financings in Singapore under Section 211E of the Companies Act (now Section 67 of the Insolvency, Restructuring and Dissolution Act (“IRDA”)), first “pre-packaged” scheme of arrangement in Singapore under Section 71 of the IRDA and first interim management appointment for a company undergoing a Court supervised restructuring process under Section 211B of the Companies Act (now Section 64 of the IRDA).

As an investment banker, David was involved in the sourcing, structuring and execution of high yield, stressed and distressed investment opportunities across Asia Pacific for Morgan Stanley prop books.

Smitha Menon
Smitha Menon is a Partner in the Restructuring & Insolvency and International Arbitration Practices at WongPartnership LLP. She regularly acts for financial institutions, turnaround practitioners and debtor companies on a broad range of restructuring mandates and court proceedings.
 
Smitha’s international and local appointments include being the Chair of the International Chamber of Commerce ("ICC") Singapore Arbitration Group and on the ICC Commission for Arbitration and ADR. Smitha is also the Singapore alternate Court member on the ICC International Court of Arbitration. She is a Fellow of the Insolvency Practitioners Association of Singapore, on the board of the Singapore network of the International Women’s Insolvency and Restructuring Confederation and on the Insolvency Practice Committee of the Law Society.
 
Smitha graduated from King's College, London and is admitted to the Singapore Bar.
 

FEES

a. Registration Fee 
Registration fee of S$80.25* (inclusive of GST) applies per module

b. Group Registration
Registration fee of S$74.90* (inclusive of GST) applies if there are at least 10 participants from the same organisation.

c. SMU Alumni (LLB / JD / LLM graduates)
Registration fee of S$74.90* (inclusive of GST) applies for SMU LLB/ JD/ LLM Alumni per module
 

*Please note that there will be no refund of any fees should the participant cancel the registration/ fail to attend the event. However, registration is transferable. Notice of any change in participant should be sent to the Academy via email: smulawacademy [at] smu.edu.sg, at least one week before the event.

SMU Law Academy reserves the right to cancel or postpone any event. In such case, we will arrange for the refund of fees paid.
 

Registration closes on 8 July 2021.

DATE

15 July 2021

TIME

4:00 pm to 5:30 pm

PUBLIC CPD POINTS

1.5 points

VENUE

Webinar

PRACTICE AREA

Corporate/Commercial

TRAINING LEVEL

Update

ABOUT THE CENTRE FOR COMMERCIAL LAW IN ASIA

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ABOUT THE SMU LAW ACADEMY

The SMU Law Academy (previously known as CLE) has an established track record of providing the legal profession with high quality seminars and other opportunities to remain fully informed about contemporary legal developments in Singapore and beyond. Its carefully curated listing of seminars is developed with the profession’s multi-faceted needs in mind and meets the requirements of the CPD scheme. The Academy also administers the Auditing Scheme which enables members of the legal profession to consolidate and upgrade their understanding of the law by auditing courses in the School’s LL.B., J.D. and LL.M. programmes. For an overview of upcoming SMU Law Academy events, please click here.

ABOUT THE SILE'S CONTINUING PROFESSIONAL DEVELOPMENT SCHEME

This programme is an Accredited CPD Activity under the SILE’s CPD Scheme. Participants who wish to obtain CPD Points are reminded that they must comply strictly with the Attendance Policy set out in the CPD Guidelines. For this activity, this includes logging in at the start of the webinar and logging out at the conclusion of the webinar in the manner required by the organiser, and not being away from the entire activity for more than 15 minutes. Participants who do not comply with the Attendance Policy will not be able to obtain CPD Points for attending the activity. Please refer to http://www.silecpdcentre.sg for more information.

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