A Case Study on the Restructuring of Pacific International Lines: Practical Lessons & Takeaways

The world’s 12th largest liner company and Southeast Asia’s largest carrier Pacific International Lines (PIL) recently completed a US$3.3 billion debt restructuring which involved a combination of a US$1.1 billion scheme of arrangement as well as an out-of-court restructuring of the company’s remaining debts. The successful turnaround of PIL shows how the Chapter 11-style provisions adopted in Singapore can be used to facilitate an effective debt restructuring, and also illustrates the value of designing a comprehensive legal and financial strategy to tackle a situation of financial distress.

This webinar will adopt a unique case study approach to analyse the successful turnaround of PIL. For that purpose, the legal and financial advisors involved in PIL’s debt restructuring, WongPartnership and AlixPartners, will share the primary issues faced during the negotiation and approval of this major transaction. Based on their experience handling this case, they will also share practical advice on how to achieve a successful debt restructuring in Singapore. Among other aspects, they will cover: (i) how the tools provided under Singapore’s new restructuring framework can be utilised to achieve a successful debt restructuring; (ii) the features and challenges of conducting a pre-negotiated restructuring, and how this strategy differs from a pre-packaged scheme of arrangement (‘pre-packs’) and a traditional scheme of arrangement; (iii) the features and challenges of conducting a scheme of arrangement under the new restructuring framework; and (iv) the role of lawyers and financial advisors in the design and implementation of a strategy to tackle financial distress.

 

 

MODERATOR

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.

 

SPEAKERS

Stephanie Yeo

Stephanie is a Partner in the Restructuring & Insolvency and Special Situations Advisory Practices at WongPartnership LLP. Her main area of practice is restructuring and insolvency with a focus on formal and out-of-court cross border restructurings. Stephanie graduated from Singapore Management University in 2012 and was admitted to the Singapore Bar in 2013. She is a member of IWIRC, INSOL and Class X of the III NextGen Leadership Programme. She was seconded to the Restructuring Group in the New York office of Kirkland & Ellis for seven months during 2018 to 2019.

 

Michael Haftl

Mike Haftl is a seasoned turnaround professional with over 20 years of experience providing financial and operational restructuring services in high-impact situations. He specializes in working with companies and their creditors to improve performance, reduce costs, optimize cash flow and liquidity, and maximize enterprise value.  Mike’s projects typically involve driving operational improvements to yield financial benefits.  His expertise spans from out of court restructurings to Chapter 11 to the use of Singapore’s new restructuring regime.   In addition to his advisory roles, Mike has served in various senior interim roles such as CFO, Treasurer, FP&A, and CAO.  He has led successful turnarounds across Asia, in the USA, and in Europe.  Prior to joining AlixPartners, he was senior vice president at a Big Four firm specializing in turnarounds and restructurings.  Mike graduated from the Wharton School at the University of Pennsylvania with a degree in finance.

 

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, by 29 October 2021.

 

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

 

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.

The SMU Centre for Commercial Law in Asia (CCLA) conducts and facilitates research in all areas of commercial law, with focus on its application, development and impact in Asia. To find out more about CCLA, please click here.

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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