🌏 Around the Region

Indonesia

On 30 September 2025, I wrote that Indonesian sovereign fund Danantara reigns supreme over the operations of the country’s state-owned enterprises (SOEs), with overarching control of their restructurings and consolidations.

But I flagged that the fund may eventually run into a similar challenge faced by distressed asset manager Perusahaan Pengelola Aset (PPA) to resolve the underlying bad debt. Loss-making SOEs that cannot raise funds on their own are still dependent on the state – now represented by Danantara – to prop them up.

On 3 July 2026, Danantara said state-owned postal operator Pos Indonesia requires a comprehensive overhaul after a three-month due diligence review uncovered long-standing financial and governance problems, including suspected accounting irregularities, Jakarta Globe reported.

The findings came as Pos Indonesia CEO Daud Joseph reportedly resigned, paving the way for new leadership to oversee the SOE’s restructuring. On 10 July 2026, the company announced that it had to delay paying IDR 24.12 billion (USD 1.3 million) for its Islamic bonds (Sukuk) due to a cash shortage.

Another Indonesian SOE on the radar is flag carrier Garuda Indonesia, which is grappling with a spike in fuel costs, weaker rupiah and high aircraft maintenance costs even after going through three debt restructurings.

I outlined in April last year that a fourth restructuring would be more challenging for Garuda because it had gone through a local in-court restructuring (PKPU) in 2022. Under Indonesian law, a creditor can file a borrower into bankruptcy if it defaults on the PKPU agreement.

Garuda is walking on egg shells as it has to prevent its PKPU deal from unravelling while fending off a multi-jurisdiction legal war waged by one of its lessors, Greylag Goose Leasing, which is backed by US private equity firm Avenue Capital Group.

On 14 June 2022, two Greylag entities commenced arbitration proceedings at the Singapore International Arbitration Centre (SIAC) against Garuda and its subsidiary Garuda Indonesia Holiday France (GIHF).

On 26 November 2025, the Tribunal “issued a decision addressing certain liability issues, with the quantum issues to be addressed in a subsequent phase of the arbitration proceedings,” according to Garuda’s latest results.

“The Company and GIHF are pursuing legal remedies in accordance with applicable laws and regulations in the relevant jurisdiction. Accordingly, this matter remains subject to ongoing legal proceedings.”

Singapore

• Singapore asset manager CapitaLand Investment has disbanded its special opportunities team, bringing an end to a dedicated unit that was set up to pursue investment strategies that typically came with higher risks, Bloomberg reported.

• Temasek’s main asset management platform Seviora and Churchill Asset Management announced a close of about USD 400 million in a collateralised fund obligation, The Business Times reported.

Vietnam

• Vietnam is seeking global capital to finance what officials estimate will be about USD 1.5 trillion of infrastructure investment over the next decade, Nikkei reported.

• On 5 June 2026, Vietnam’s government issued Decree 200, regulating the private placement and trading of corporate bonds in the domestic market, as well as the issuance of corporate bonds in international markets, according to Baker McKenzie.

Malaysia

• Major capital transactions as of the first half of 2026 have been led by data centre land acquisitions nationwide, The Edge reported, citing Knight Frank Malaysia executive director of research and consultancy Amy Wong.

• Malaysian law considers gambling debt as “debt of honour” with no legal obligation to make good on the debt, The Edge reported.

🤝🏻 People to Watch

Dentons HPRP advised Indoedge Real Estate and Data Centre (DAMAC Digital Group) on the development of a large-scale data centre in Indonesia, with an overall estimated project value of up to USD 5 billion, according to the law firm’s LinkedIn post.

Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.

🔸 In a Flurry of Deals, Adani Mobilizes $10 Billion for Capex Boost: Mint

Barely two months after settling its major legal disputes in the US, Adani Group has lined up nearly USD 10 billion in fresh capital and strategic investment commitments, providing early funding for the conglomerate’s planned USD 100 billion investment program through 2030, Mint reported on 7 July 2026.

Eveline: I wrote four months ago that Indian tycoons have shown battle-hardened resourcefulness that makes them formidable opponents. Some lenders stood by Gautam Adani because they believed that the outcome of the US cases should be manageable for the well-connected billionaire, especially if it ended up as a settlement or a fine.

I also noted that on 16 May 2026 that Adani’s easing US legal woes should pave the way for his group to resume its fundraising momentum, as the settlement may help to reduce perceived compliance risks and expand the base of potential lenders.

Mint reported on 7 July 2026 that the conglomerate’s latest fund mobilization spans equity raises, stake sales and long-term commitments from strategic partners, including global investors and sovereign-backed entities.

• 💼 Brief Take: Adani’s Refinancing Return

• 💼 Brief Take: Adani’s US Break

• 💼 Brief Take: India’s Battle-Hardened Billionaires

🔸 India’s SP Group Opens Debut Dollar Debt Issue After Multiple Delays: Reuters

Shapoorji Pallonji Group (SP Group) opened its first-ever USD bond issue for subscription on 10 July 2026, looking to raise USD 650 ​million, Reuters reported. The three-year dollar bond yielding 14.5% is part of the company’s planned INR 255 billion (USD 2.68 billion) fundraise.

One of the group’s subsidiaries will also issue about INR 150 billion (USD 1.6 billion) worth of rupee-denominated bonds to a group of investors including Farallon Capital Management, Davidson Kempner Capital and Cerberus Capital Management, Bloomberg reported.

Eveline: I wrote on 8 May 2026 that SP Group’s refinancing story is not necessarily about fundamentals, as it hinges on the shared incentives among the company, existing creditors and arrangers to maintain the hope of a potential monetization of its stake in Tata Sons.

Deutsche Bank, the sole arranger for both tranches of SP Group’s latest offering, may invest about USD 400 million, according to Bloomberg. The bank has earned more than USD 50 million in fees over the past four years by arranging a series of debt refinancing transactions for SP Group, Moneycontrol reported on 5 May 2026.

• 📑 3 India Headlines #3

• 📑 3 India Headlines #2

• 💼 Brief Take: SP Group’s Tata Timer

• 💼 Brief Take: SP Group’s Chess Piece

• 💼 Brief Take: Keeping the SP Dream Alive

• 💼 Brief Take: Asia Private Credit’s Growing Pains

• 💼 Brief Take: Shapoorji Pallonji Group’s Tightrope Walk

🔸 Even a Snail May Question the Speed of Trial: Supreme Court on Delay in Commercial Suit Before Delhi High Court: Bar and Bench

India’s Supreme Court recently criticized the slow pace of trial in a commercial suit pending before the Delhi High Court since 2015, Bar and Bench reported on 10 July 2026.

“The suit in question was filed in 2015. As of 2026, plaintiff’s evidence is ongoing. We may say that even a snail may question the speed at which this trial is proceeding,” the Court said.

The Court made the observation while rejecting a plea by Levitate Mobile Technologies to introduce additional documents in its suit against Standard Chartered Bank.

• 👣 Asia’s Restructuring Milestones: India’s Reversal

• 📑 3 India Headlines #1

Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.

🌏 Around the Region

Indonesia

In April last year, I flagged that capital had flowed out of Indonesia partly due to fears of being caught on the wrong side of the power consolidation after President Prabowo Subianto took office.

Some tycoons were unsure if there was a grand design to this operation, making it difficult to plan around it, a source close to the tycoons said at the time.

I also wrote on 1 February 2026 that some conglomerates had refrained from committing to major domestic investments partly because of worries about asset seizures and other forms of state crackdown.

The pressure on the tycoons to step up their national service may create a chilling effect that restricts flows to the broader economy, according to Acrostics Asia’s report.

And on 23 May 2026, I noted that wealthy Indonesians already accumulated significant assets or investments in neighbouring Singapore, so they have been diversifying to offshore destinations such as the Middle East, the UK, mainland China and Hong Kong.

While these tycoons are hedging their exposure for safety reasons, they are unlikely to completely abandon business in Indonesia as some of them have built up scale that’s hard to replicate elsewhere, according to bankers familiar with the matter.

The Financial Times reported on 7 July 2026 that the relationship between the tycoons and the presidential palace was the worst they have ever been under any president. Some of the tycoons were delaying investments or considering deploying capital overseas.

Vietnam

A couple of financial advisors were monitoring Vingroup because of the Vietnamese conglomerate’s large-scale ambitions and perceived pockets of weakness.

Vingroup’s electric vehicle (EV) arm, VinFast Auto, has burned through billions of dollars on an aggressive expansion over the last decade, Reuters reported on 21 May 2026. A plan to sell its two main factories and shift USD 7 billion worth of debt off its books has sparked concerns about governance, according to the news agency.

The conglomerate is also reportedly accelerating construction in ​Hanoi of what it says will be the world’s largest stadium.

But Vingroup – which was founded by well-connected Vietnamese billionaire Pham Nhat Vuong – seems to have retained access to both onshore and offshore financing.

• In April 2026, Vingroup raised USD 350 million from a sale of five-year bonds that were listed on the Vienna Stock Exchange, according to its statement.

• Vietnam’s central bank opened a special financing channel for 18 projects by local conglomerates including Vingroup, allowing banks to exclude new lending to those schemes from their annual credit-growth quotas, The Business Times reported. The move gives banks more room to fund state-priority projects without formally lifting the system-wide credit target, which remains at 15% for this year.

• Vingroup’s hospitality arm, Vinpearl, announced last month that it had secured a USD 255 million strategic investment from SeaTown Holdings International, Oman Investment Authority, and Vietnam Oman Investment.

Philippines

• The Philippines has priced a USD 2.5 billion multi-tranche issuance, marking the Republic’s second visit to the international debt capital markets this year and its largest 10-year tranche since 2018, according to joint bookrunner BNP Paribas’ LinkedIn post.

• Philippine Airlines (PAL) has issued USD 300 million five-year bonds to fund the flag carrier’s fleet modernization and expansion, Forbes reported. It was PAL’s first bond sale since emerging from Chapter 11 bankruptcy proceedings in the US in December 2021.

• Fitch Ratings believes recent economic challenges in the Philippines are likely to drive higher credit impairments and lower profitability among banks this year, but their financial performance should recover gradually in 2027 as the country’s medium-term economic prospects remain intact.

Singapore

• DBS completed its inaugural synthetic securitisation transaction, referencing a USD 1 billion diversified portfolio of corporate loans, according to its press release. This is the first such transaction undertaken by a Singapore bank.

• Singapore’s best-known F&B brands, once buoyed by China’s consumption boom, are now retreating amid brutal competition and fast-changing consumer habits, according to a piece published by ThinkChina.

Malaysia

• Malaysia’s unemployment rate stayed at an 11-year low of 2.9% for five months from November 2025, before inching up to 3% in April, government data showed. But economists told The Straits Times that the headline figure masks a deeper problem: underemployment.

🤝🏻 People to Watch

Hendra Soenardi represented Xiamen ITG Group and its Indonesian subsidiaries in initiating court-supervised restructuring (PKPU) proceedings against Wanxiang Nickel Indonesia, according to its LinkedIn post.

The claims of Xiamen ITG Group and its subsidiaries – amounting to approximately IDR 3.5 trillion (USD 200 million) – were recognized by the administrators and restructured under the composition plan ratified by the Commercial Court at the Central Jakarta District Court on 18 May 2026.

Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.

🔸 India’s SP Group Floats Fresh Term Sheet for Debt Fundraise: Reuters

India’s Shapoorji Pallonji Group (SP Group) has returned to investors with a revised debt fundraising plan aimed at refinancing existing borrowings, Reuters reported, citing three sources and a term sheet. An SP Group company is looking to raise INR 255 billion (USD 2.68 billion) through the sale of three-year zero-coupon bonds.

The bonds will offer a yield of 18.95% and secured against SP Group’s stake in Tata Sons. Within 18 months of the securities being issued, either Tata Sons must be listed or an arrangement is made to allow SP Group to sell its Tata Sons shares privately at a mutually agreed price, according to Reuters.

Eveline: I wrote on 20 May 2026 that some creditors were likely betting that the Tata Sons stake is an important piece that can be monetized one way or another, but prospective lenders were also not leaving everything to chance as they had set the clock ticking for SP Group to extract some cash from its shareholding.

The latest terms suggest investors are tightening the bolts even further, as The Economic Times reported that SP Group’s financing would include a deleveraging covenant requiring repayment of at least INR 135 billion (USD 1.4 billion) within 24 months of issuance. Failure to meet the repayment obligation would constitute an event of default.

Nearly six months ago, I noted that SP Group had taken the game of high-yield musical chairs to a new level, as its borrowing costs kept rising while the company, lenders and arrangers were all hoping to eventually cash out the Tata Sons prize. But it seems like not everyone can stomach these musical chairs on steroids.

Traders in Singapore and Hong Kong have been offering the non-convertible debentures of SP Group’s subsidiary Goswami Infratech at about 90% of par in the past two weeks, although it wasn’t immediately clear whether any trades were executed, Bloomberg reported on 29 June 2026.

• 📑 3 India Headlines #2

• 💼 Brief Take: SP Group’s Tata Timer

• 💼 Brief Take: SP Group’s Chess Piece

• 💼 Brief Take: Keeping the SP Dream Alive

• 💼 Brief Take: Asia Private Credit’s Growing Pains

• 💼 Brief Take: Shapoorji Pallonji Group’s Tightrope Walk

• 💼 Brief Take: India’s Musical Chairs on Steroids

🔸 Global Creditors Drag Udaan’s Parent to Bankruptcy Court in Singapore After $170 Million Bond Default: The Economic Times

Global creditors of Udaan, including banks and hedge funds, have initiated insolvency proceedings in the Singapore High Court after its offshore holding company Trustroot Internet defaulted on USD 170 million compulsorily convertible notes due on 30 June, The Economic Times (ET) reported, citing people aware of the development.

The creditors have hired Alvarez & Marsal as the official liquidator in the bankruptcy proceedings, according to ET. DealStreetAsia (DSA) also reported that lenders to the B2B e-commerce unicorn have engaged Singapore law firm WongPartnership to represent them in the case.

Eveline: Creditors in emerging markets face a common challenge of recovering any value if the defaulter is the offshore holding company while the operations or assets of the borrower are mainly onshore.

An Udaan spokesperson told DSA that “the matters referenced relate to ongoing restructuring negotiations and offshore proceedings among offshore stakeholders at the offshore holding company level.”

The Udaan spokesperson reportedly said these matters have no bearing on its operating entities in India and the startup’s team in the country run the day-to-day business. In short, Udaan’s stand is that it’s business as usual onshore.

Investors in Indian companies will likely watch the outcome of the Singapore court proceedings and whether Udaan’s creditors could get any of their money back.

• 📚 Acrostics Anatomy: Singapore’s Restructuring Strides

🔸 Jet Airways Liquidation: NCLAT Backs Full Provident Fund, Gratuity for Staff

India’s National Company Law Appellate Tribunal (NCLAT) has upheld a key relief to former Jet Airways employees, ruling that their provident fund, pension and gratuity dues must be paid in full and kept outside the liquidation pool from which other creditors, including banks, will be paid, Bar and Bench reported.

Eveline: This is not surprising as some payments owed to former employees are usually protected in a liquidation. The effect, however, is that the pie may become smaller for other creditors, especially if the company being liquidated has a limited pool of assets.

• 💼 Brief Take: Asian Airlines’ Survival of the Most Liquid

• 👣 Asia’s Restructuring Milestones: India’s Reversal

Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.

🌏 Around the Region

Indonesia

An Indonesian court found former education minister Nadiem Makarim guilty of corruption in a laptop procurement program, sentencing him to 10 years in prison, according to media reports. The Central Jakarta District Court also ordered the Gojek co-founder to pay IDR 809 billion (USD 48 million) in restitution.

“The verdict is in, and it’s as bad as I feared: 10 years in prison, plus a further 5 years and 6 months if I can’t pay the Rp809 billion restitution. I don’t have that money – never have, never touched it – and the prosecutors and judges knew this. So that’s a sentence of 15 and a half years,” Nadiem wrote in his LinkedIn post.

“I sat in front of the judges. None of them could look me in the eye. They knew I wasn’t guilty,” he said. “Of course I will keep fighting: for my kids, my family, and the Indonesia I still love.”

Nadiem’s court verdict today came after four former executives of Indonesian state-owned venture capital firms were convicted of corruption and jailed between two and five years for investing in an agricultural startup that went bust.

One of the jailed executives is Donald Wihardja, the former CEO of investment firm MDI Ventures. His sister, Cynthia Wihardja, wrote in a LinkedIn post that this case goes beyond the individuals involved and is about “whether venture capital as a sector can function in Indonesia at all.”

“Investor confidence does not survive in places where a difficult call, made in good faith, through proper process, with no personal gain, can still end in a prison sentence,” she said.

“And think about what the next generation of Indonesian professionals is learning right now. Don’t lead. Don’t decide. Don’t take risks. Because failure will be criminalised even when you have done your best. That is not how you build an innovation economy. It is how you kill one before it matures.”

Thailand

The National Credit Bureau warned that small loans are reshaping Thailand’s 13.6 trillion baht (USD 409.7 billion) household debt, as borrowers hold an average of four debt accounts each, The Nation reported on 30 June 2026.

“Thailand’s household debt challenge is no longer only about how much people owe, but also about the changing structure of borrowing,” according to the report. “As large loans become harder to obtain, smaller consumer loans are spreading more quickly, creating new repayment risks across a wider base of borrowers.”

I wrote in Acrostics Asia’s Thailand Radar on 16 June 2026 that the country should be on the watchlist of lenders and restructuring professionals as economic stress is building up.

Thailand has been weighed down by a combination of rising energy costs, falling tourist arrivals and political volatility, increasing refinancing risks particularly for smaller borrowers.

Philippines

• Del Monte Pacific is back in the black, but remains in net capital deficit of USD 589 million, The Business Times reported.

• Acrostics Asia wrote on 5 June 2026 that Del Monte Pacific’s USD 1.2 billion restructuring plan was designed to rebuild its capital structure around its cash-generating Philippine subsidiary.

Singapore

• Power bills for households in Singapore will hit a record high next quarter as the impact of the US-Iran war feeds through, Bloomberg reported, citing grid operator SP Group’s statement.

• Blackstone-backed data center operator AirTrunk is close to filing confidentially for an initial public offering of a real estate investment trust in Singapore, Bloomberg reported, citing people with knowledge of the matter.

🤝🏻 People to Watch

Latham & Watkins has advised Vingroup on a USD 255 million private credit financing for its hospitality arm Vinpearl, according to the law firm’s press release.

The financing provided by SeaTown Holdings International, Oman Investment Authority, and Vietnam Oman Investment will support Vinpearl’s long-term expansion plans.

The Latham team was led by Singapore partner Sharon Lau and Hong Kong counsel Edward Tang, and associates Jonathan Wah, Heidi Lui, and Hoi Lam (Karen Wong).

Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.

🔸 Vedanta Unit Accepts Bids Worth $1.75 Billion for Three-Tranche Dollar Debt: Reuters

A subsidiary of UK-based Vedanta Resources has accepted bids worth USD 1.75 billion for a three-tranche issuance of dollar bonds, as it seeks to refinance outstanding high-yield debt, Reuters reported on 26 June 2026, citing three merchant bankers.

Vedanta Resources Finance II raised USD 500 million through six-year bonds at a coupon of 7.00%, USD 700 million through eight-year bonds at 7.375%, and USD 550 million through 11-year bonds at 7.75%, according to Reuters. The pricing was 25 basis points below the initial guidance of 7.25%, 7.625% and 8.00%.

Eveline: I wrote on 12 March 2026 that Indian tycoons including Vedanta Group’s founder Anil Agarwal have shown battle-hardened resourcefulness. In the eyes of some buyside investors, the conglomerate had passed a trial by fire when it secured a crucial USD 1.25 billion private credit facility in late 2023 to pull itself out of a crunch.

That bridge helped to reopen Vedanta’s access to international bondholders. The size of Vedanta’s latest offshore bond deal came below what analysts had expected as the market pushed back on tight pricing, but the company still managed to reduce its funding costs, IFR reported.

The group also completed a major “demerger” by splitting into five listed entities on India’s stock exchanges to unlock more value for its shareholders. However, the regulatory risk stemming from a probe under India’s foreign exchange laws may remain an overhang unless it’s resolved onshore.

• 🛜 India Radar #1

• 💼 Brief Take: India’s Battle-Hardened Billionaires

• 📚 Acrostics Anatomy: Vedanta’s Lucky Streak

🔸 Private Credit Competition Squeezing Top-End Spreads: Moneycontrol

Intensifying competition in India’s private credit market is compressing yields for large, plain-vanilla sponsor-backed deals, Moneycontrol reported on 23 June 2026, citing Lighthouse Canton’s Managing Director and Business Head (India Alternatives, Credit & Hybrid Strategies) Pranob Gupta.

Gupta said the spike in the number of private credit funds chasing Indian deals has made the market more competitive, especially at the top where large, sponsor-backed deals tend to attract multiple lenders. “Competition is real and growing,” he noted.

In the mid-market, however, spreads have held up because these transactions require stronger origination capabilities, bespoke structuring and deeper monitoring, according to Gupta.

• 🎙️Acrostics Asia Podcast #1: 12 Questions on Asia Private Capital

• 💼 Brief Take: Asia Private Credit’s Growing Pains

• 📒 Quick Take: Asia’s Mushrooming Private Credit

🔸 Shapoorji Pallonji Group Seeks Fresh Bond Extension as Refinancing Drags: Bloomberg

India’s Shapoorji Pallonji (SP) Group has offered bondholders a 30-basis point fee in exchange for approving another extension on the debt owed by its unit, Bloomberg reported on 24 June 2026, citing people familiar with the matter.

The group is seeking consent to allow Goswami Infratech to push back repayment of INR 143 billion (USD 1.5 billion) worth of zero-coupon bonds by at least a month beyond their 30 June maturity date.

Eveline: I wrote on 8 May 2026 that some creditors who have built a sizeable exposure to SP Group wouldn’t want the conglomerate to default before they are at least partially repaid, but the problem is that the cost of buying time is getting higher and higher.

Nevertheless, I noted that SP Group’s refinancing story is not necessarily about fundamentals, as it hinges on the shared incentives among the company, creditors and arrangers to maintain the hope of a potential monetization of its Tata Sons stake.

In India, the low recovery rate and lengthy process of a liquidation may partly explain why some lenders prefer trying to work it out with the borrower, such as by rolling over loans or extending the bridge towards a potential liquidity event, according to Acrostics Asia’s India Radar on 13 June 2026.

While India’s Insolvency and Bankruptcy Code (IBC) facilitates resolutions, liquidations yielded recoveries of around 4% of admitted claims, with nearly 70% of processes extending beyond two years, according to a report released by Incorp Restructuring Services earlier this month.

• 💼 Brief Take: SP Group’s Tata Timer

• 💼 Brief Take: SP Group’s Chess Piece

• 💼 Brief Take: Keeping the SP Dream Alive

• 💼 Brief Take: Asia Private Credit’s Growing Pains

• 💼 Brief Take: Shapoorji Pallonji Group’s Tightrope Walk

• 💼 Brief Take: India’s Musical Chairs on Steroids

Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.

Malaysian government agency Felda Group has shut down its dairy business, FGV Dairy Farm, which collectively owed RM 4 million (USD 966,651) to 112 farmers and vendors, The Edge reported on 20 June 2026.

While the sum is likely to be a “chump change” to Felda, some of the affected farmers and vendors are now seeking legal action, according to The Edge. This came as Bank Pertanian Malaysia (Agrobank) reportedly plans to auction off FGV Dairy Farm’s assets, including a farm and other infrastructure, to recover RM 10.3 million (USD 2.5 million).

The dairy spat is the latest in Felda’s mis-steps over the years, which included an expensive Indonesian plantation deal that it’s been struggling to unwind.

I wrote on 20 August 2025 that the Malaysian group has been waging an uphill battle to claw back its investment in Indonesian conglomerate Rajawali Group’s palm oil producer Eagle High Plantations.

When the transaction was first announced in 2015, some minority shareholders and politicians accused former Malaysian Prime Minister Najib Razak of pushing the deal to help his Indonesian friend Peter Sondakh, who controls Rajawali. This was denied by both sides.

The Indonesian tycoon crossed paths with Najib when the Malaysian politician was still rising up the ranks of the United Malays National Organisation (UMNO), and they stayed in touch over many years, according to a Malaysian source familiar with the matter.

After the initial backlash, the proposed acquisition was shelved temporarily and revived in December 2016, with a reduced price and a put option that would require Rajawali to buy back the Eagle High stake at USD 505.4 million plus 6% annual interest.

Felda’s unlisted unit, FIC Properties, exercised this put option and eventually won against Rajawali at the Singapore International Arbitration Centre. But the Indonesian group moved to block the enforcement of the arbitration award in Indonesia.

As I wrote last year, Felda may have to slog through the Indonesian court system with uncertain prospects. Indonesian law does not recognize foreign court judgments and applicants seeking enforcement typically must “re-litigate”, potentially adding to their legal costs.

🌏 Around the Region

Indonesia

President Prabowo Subianto’s free school lunch initiative has been mired in controversy including food poisoning and alleged corruption, on top of weighing down the state budget.

I wrote on 19 April 2025 that Prabowo’s predecessor, Joko Widodo, also embarked on an expensive infrastructure expansion during his term, but there was a perception in some quarters that roads, rails and airports were a more concrete product of these state investments.

The government reportedly announced last week that it would halt the free meals program during school holidays and scale back its reach. The president was likely forced to rein in his flagship scheme because the market outflows and the rupiah’s drop to record lows risked hurting the lower-to-middle income class, which is a key voter base for the former general.

However, it would be too early to infer that the move signals a greater commitment to fiscal discipline. I wrote four months ago that the president had turned more insular and kept a tight inner circle, while technocrats were finding it harder to get their voices heard.

The real marker of a change would be if the Indonesian leader brings more technocrats into his key decision-making circle.

Vietnam

• Vingroup is accelerating construction in ​Hanoi of what it says will be the world’s largest stadium, betting that future demand will emerge ‌to make the 135,000-seat venue financially viable over the long term, Reuters reported.

• Vietcap Securities has signed a $170 million syndicated loan agreement, with a greenshoe option allowing the facility to be increased to up to $370 million. Check out the list of lenders here.

Singapore

• Singapore Airlines is set to sell its first five-year benchmark dim sum bond, an offshore yuan bond issued outside mainland China, and has hired four banks to arrange the potential deal, Reuters reported.

• Keppel is planning to launch several residential projects in Vietnam’s capital Hanoi, ramping up its push into the northern property market, Nikkei reported.

Philippines

• The Philippine central bank raised its key interest rate by 25 basis points for ‌a second time in a row and left the door open to additional tightening as inflation pressures remain strong, Reuters reported. Check out the note written by MUFG’s Michael Wan on the expected outlook.

🤝🏻 People to Watch

After 16 years leading Ginting & Reksodiputro (G&R) in association with A&O Shearman, Daniel Ginting will be stepping down from the partnership to take up a strategic senior role at Indonesian sovereign fund Danantara, according to the law firm’s LinkedIn post.

Daniel co-founded G&R in 2010 together with Harun Reksodiputro, who will now succeed him as managing partner.

Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.

🔸 China Evergrande Liquidators Seek to Block $128 Million PwC Payout: Caixin

Liquidators for China Evergrande Group launched a legal challenge to block a HKD 1 billion (USD 128 million) payout from PwC Hong Kong to the collapsed developer’s minority shareholders, Caixin reported on 16 June.

Filing for a judicial review in the Hong Kong High Court, the liquidators argued that the private settlement brokered by the city’s securities regulator unlawfully prioritizes shareholders over creditors.

Evergrande’s liquidation has also prompted some partners at PwC’s Hong Kong and mainland China affiliates to explore strategies to safeguard their personal assets, with one of them even contemplating a divorce, according to a Bloomberg report.

Eveline: The liquidators are likely going hard after PwC, Evergrande’s long-time auditor, because there isn’t much to recoup onshore. Capital structure may not hold up in mainland China, where local homebuyers, suppliers or contractors tend to be prioritized over offshore creditors in a major debt restructuring partly because of the potential cascade effect throughout the economy.

For more reading:

• 💼 Brief Take: Two Sides of Hong Kong’s Property Coin

• 📒 Quick Take: China’s Unequal Property Pain

• 💼 Brief Take: China’s Debt Fabric

🔸 Chinese Homeowner Buys 34th Floor Flat in 32-Storey Building, Gets No Compensation: SCMP

A Chinese man bought a flat on the 34th floor of a newly developed building only to be told four years later that the building just had 32 floors, South China Morning Post (SCMP) reported on 8 June. A flat with limited property rights is an unofficial name for a kind of grey market housing developed illegally on collectively owned rural land.

Eveline: A buyside friend recently shared this story to illustrate the sort of surprises that could be in store when investing in China. The unfortunate homebuyer likely had limited recourse against the developer as he effectively waived away his legal rights in return for a purchase price that was around one-third of the average cost.

These unapproved projects reportedly occupy rural land left idle amid China’s urbanization. The news raises questions on the scale of such ‘grey’ flats in China and how many were left incomplete if developers ran out of money halfway through their construction.

For more reading:

• 📚 Acrostics Anatomy: China’s Double Helix

• 👣 Asia’s Restructuring Milestones: China’s Bankruptcy Law

🔸 China’s Universities Cut 12,000 ‘Obsolete’ Degrees amid Race to Embrace AI Era: SCMP

China’s universities are undertaking a massive reshuffling of their academic offerings as part of a drive to better align higher education with the nation’s development goals, culling thousands of so-called obsolete degrees in favour of new, tech-focused programs, SCMP reported on 14 June.

Eveline: While the tech drive is aimed at mitigating China’s “graduate jobs crisis”, the industry is evolving so rapidly that it’s unclear whether the skills being learned by these students would make them more employable by the time they graduate from university.

For example, Caixin reported that over 140 companies in China are churning out hundreds of humanoid robotic models, sparking concerns about over-heating. “Founders and investors are increasingly worried that the industry is heading straight for ‘involution’ – the same ruthless, margin-crushing price wars that plagued the country’s EV market,” Caixin wrote.

Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.

Indonesia has been grabbing headlines in recent months, but another Southeast Asian country, Thailand, should also be on the radar of lenders and restructuring professionals as stress is building in its economy.

On the macro front, the Thai economy has been weighed down by a combination of rising energy costs, falling tourist arrivals and political volatility.

Thailand recorded a current account deficit of USD 7.6 billion in April 2026, while overall household debt stands at 86.7% of gross domestic product, among the highest in ​Asia, Reuters reported.

The economic weakness is showing an impact on corporates and small and medium-sized enterprises (SMEs). Five listed Thai companies defaulted on a combined THB 546 million (USD 15.2 million) of debt in the first quarter of 2026, according to an S&P Global Ratings report dated 11 June 2026.

The fresh wave of defaults will weigh on the refinancing outlook for an upcoming THB 421 billion (USD 12 billion) in debenture maturities in the second half of 2026, S&P said, adding that it sees “continual fragility” among small borrowers and industries such as media, property and construction.

Banks and bondholders already turned risk-averse following large-ticket defaults in recent years, including a THB 39 billion (USD 1.1 billion) hit from defaulted industrial cable manufacturer Stark Corporation in 2023, according to S&P.

These cases will likely lead to further polarization in funding access, as “a flight to quality will steer capital away from SMEs,” the rating agency said.

Companies to Watch

🔸 Italian-Thai Development

The engineering and construction company’s bond restructuring earlier this year may have staved off a default, but the risks remained, S&P said. In January 2026, bondholders approved a three-year maturity extension and a higher coupon on THB 14.5 billion (USD 446 million) of debentures.

Even after the distressed-exchange agreement, ITD’s financial strains continued. The company reported a net loss of THB 221 million in the first quarter of 2026, adding to accumulated losses of THB 11 billion since 2020, according to S&P.

🔸 Hanuman Wind Power

Hanuman Wind Power, a Hong Kong-based unit of Thai renewable energy firm Energy Absolute, postponed a junk bond sale for a second time after failing to attract sufficient investor demand, Bloomberg reported on 11 June 2026. Part of the proceeds were earmarked to go to the parent company.

Hanuman’s aborted international bond debut – which offered a yield in the mid-to-high 9% range – came about five months after it pulled a similar transaction, according to Bloomberg.

Hanuman’s parent, Energy Absolute, has reportedly faced financial stress since Thailand’s market regulator accused its founder and other former executives of fraud two years ago.

People to Watch

Chandler Mori Hamada was named Thailand Law Firm of the Year at the 22nd Annual Asian Legal Business (ALB) SE Asia Law Awards 2026, according to its press release.

Jessada Sawatdipong, Chairman and Senior Partner, represented Chandler Mori Hamada at the awards ceremony in Singapore.

Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.

I wrote in May last year that private credit funds were mushrooming in Asia, lured by opportunities including double-digit returns from lending to distressed Indian borrowers.

However, the growth of private credit as a financing option doesn’t eliminate its structural shortcomings: the lower quality of some borrowers and patchy enforcement. I noted that the ability to recover a loan when it goes bad would eventually prove to be the key differentiator in this increasingly crowded landscape.

On 18 March 2026, The Economic Times (ET) broke the news that early signs of stress were emerging in a handful of private credit transactions in India, although such developments rarely became public because the funds were not required to disclose asset-level performance.

Private credit lenders do have access to legal remedies such as the insolvency process under the Insolvency and Bankruptcy Code (IBC), but recoveries are uncertain and often take years, according to ET.

A report released by Incorp Restructuring Services this week showed that while the IBC facilitates resolutions, liquidations yielded recoveries of around 4% of admitted claims, with nearly 70% of processes extending beyond two years.

The manufacturing and real estate sectors accounted for almost 70% of all admitted CIRPs (Corporate Insolvency Resolution Process) under the IBC, the Incorp report said, citing data from the Insolvency and Bankruptcy Board of India. Textile companies were major debtors within the manufacturing sector.

The low recovery rate and lengthy process of a liquidation may partly explain why some lenders prefer trying to work it out with the borrower, such as by rolling over loans, converting part of their exposure into equity, or extending the bridge towards a potential liquidity event.

As I wrote on 22 April 2026, private credit has a role to play in Asia’s financing landscape, which is becoming more mature and diverse. But the growing calls for disclosures and client education should also not be labelled as noise.

Companies to Watch

🔸 Vedanta Group

I wrote in April last year that the Indian group was like a cat with nine lives, securing a private credit facility in late 2023 to emerge out of a credit crunch, and then moving towards splitting its businesses in a major “demerger”. Vedanta also shook off the campaign launched by short-seller Viceroy Research since July 2025.

However, the conglomerate controlled by Indian tycoon Anil Agarwal has faced setbacks this year, including a loss to fellow billionaire Gautam Adani’s group in its bid for bankrupt infrastructure developer ‌Jaiprakash ⁠Associates.

Then on 2 June 2026, India’s Enforcement Directorate searched the offices of the group’s domestic operating unit, as part of a probe under foreign exchange laws. This is a potentially significant development, as “brand fees” and dividends upstreamed from India are a source of cash to service debt at the London-based holding company, Vedanta Resources, according to Moneycontrol.

Meanwhile, the conglomerate has hired eight banks to refinance USD 5.2 billion of bonds and loans, Bloomberg reported on 9 June 2026. It remains to be seen whether the probe in India would affect Vedanta’s latest refinancing.

People to Watch

Clients want clear answers, not caveats, from external counsel, Bar and Bench quoted Vedanta Deputy General Counsel Preet Sethi as saying at a panel discussion during London International Disputes Week 2026.

She was reportedly responding to a question on what she expects from external counsel today that she was not asking for five years ago. Sethi highlighted a growing frustration among in-house teams with overly cautious legal advice from external counsel, according to Bar and Bench.

Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.

Indonesia is firmly on the radar this week, as officials battle outflows while sovereign fund Danantara hits the road to market its proposed offshore notes.

I wrote on 4 February 2026 that Finance Minister Purbaya Yudhi Sadewa’s swashbuckling style may jar with the international community, who’s more used to his predecessor Sri Mulyani Indrawati’s pragmatic and cautious approach.

While the current finance minister was not solely responsible for a series of market crashes, speculation has grown that he would be replaced and one of the top candidates is Chatib “Dede” Basri, who held the same role under former President Susilo Bambang Yudhoyono in 2013-2014.

On 9 June, the same day Bank Indonesia announced a surprise rate hike, Chatib said in response to reporters’ questions after his meeting with President Prabowo Subianto that he wasn’t offered the position. They discussed the economy instead, Chatib said, noting that the weakening rupiah risked pushing up prices and impacting the lower-to-middle-income class.

Meanwhile, Danantara’s investment arm, Danantara Investment Management (DIM), had its own meetings with international investors. I reported yesterday that some of the questions asked by these investors revolved around governance, investment scope, as well as DIM’s relationship with Danantara Asset Management (DAM) and the broader fund.

Another buyside friend updated me that there were also questions about the potential flow of funds from the parent entity, BPI Danantara, into DIM and whether capital support or equity injection would be prioritized if such an event materializes.

While the consensus among the rating agencies is that the Indonesian government would support Danantara, these investors were likely trying to map the specific support mechanism for DIM, which would be the bond issuer.

The second key topic is the use of bond proceeds. Even though the proceeds were stated to be for general corporate purposes, potential investors still want to know how their money will be spent.

Two sources said they were told that the bond would be for investments, but Bloomberg reported on 8 June that part of the proceeds would help to refinance a USD 1 billion loan that Danantara got earlier this year.

A source familiar with the fund said that “cash is fungible”, meaning that issuers have the flexibility of deploying cash for corporate purposes, such as tapping bond proceeds to refinance a loan used for investments.

We should know after Danantara’s roadshow whether bondholders are convinced.

🌏 Around the Region

Philippines

• Del Monte Pacific’s proposed USD 1.2 billion restructuring hinges on the resolution of its Philippine unit’s preference shares as well as consent from the broader group of creditors. Del Monte Pacific also reportedly sold its remaining stake in India’s Sundrop Brands to shore up liquidity and pay down debt at the Philippine unit.

• San Miguel Global Power conducted an exchange and tender for its outstanding perpetual capital securities alongside a new issuance.

Malaysia

• DDSP achieved the financial close of a USD 283 million green financing for its hyperscale data centre campus in Johor.

• Deloitte Malaysia concluded the restructuring of Leader Cable Industry, a Malaysian manufacturer and distributor of power and telecommunications cables.

Vietnam

• Masan Group clinched a USD 750 million senior unsecured syndicated loan facility, which it called “the largest and most competitively priced international corporate borrowings of its tenor for a Vietnamese privately owned enterprise.”

• Novaland received consent to its proposed waivers and amendments from holders representing USD 262.2 million or around 85.66% of its outstanding offshore notes. This was above the 66% threshold.

Singapore

• Allen & Gledhill advised Singapore Commodities Group in successfully resisting winding-up proceedings. “In this significant judgment, the Court of Appeal reaffirmed Singapore’s strong pro-arbitration stance in the insolvency context, holding that where a debt is genuinely disputed and subject to arbitration, winding-up proceedings should generally not be used to circumvent an arbitration agreement,” according to the law firm’s post.

🤝🏻 People to Watch

Thapanee Techajareonvikul, the youngest daughter of Thailand’s beer billionaire Charoen Sirivadhanabhakdi, told CNBC that she never doubted women belonged at the top.

Her late mother, Wanna Sirivadhanabhakdi, was instrumental in building TCC Group into a multi-billion-dollar empire spanning beverages, property, retail and manufacturing.

Charoen Sirivadhanabhakdi, her father, ensured his two sons and three daughters received equal opportunities within the family business, according to CNBC. Today, each sibling oversees a different part of the empire.

Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.

Asia is a diverse region, with different news consumption habits across the markets.

Based on feedback from friends, India stands out because the country is not constrained by a lack of information, but by an abundance of it.

I am therefore shortlisting the most important headlines that international readers should pay attention to – and why they matter.

This is the first India edition of Acrostics Asia’s 3 Headlines.

🔸 Sharp Decline in IBC Recoveries in 2025-26: ICRA

Recoveries against admitted claims under India’s Insolvency and Bankruptcy Code (IBC) halved to 23% in 2025-26 from 46% in 2024-25, according to local rating agency ICRA. The average resolution time worsened to 744 days as on 31 March 2026, from 713 days a year earlier, significantly exceeding the deadline set by the IBC.

“The IBC, which completed 10 years in May 2026, continues to be plagued by long resolution timeframes, high haircuts for lenders and a sizeable share of liquidation cases,” Manushree Saggar, Senior Vice President and Group Head, Structured Finance Ratings, said in ICRA’s press release on 27 May.

For more reading:

• IBC@10: Discipline of Letting Go by M.S. Sahoo and Raghav Pandey

• Asia’s Restructuring Milestones: India’s Reversal

🔸 India’s SP Group to Complete Dual-Tranche Debt Sale by Mid-June: Reuters

India’s Shapoorji ‌Pallonji Group (SP Group) should complete its large fundraising plan by mid-June, ahead of a month-end deadline to refinance nearly USD 2.5 billion of debt, Reuters reported on 1 June, citing two sources familiar with the matter.

Eveline: The USD 1.5 billion-equivalent rupee tranche is reportedly set to yield 18.95% and its investors are mostly existing ones rolling over their exposure. I wrote on 8 May that some creditors that have built a sizeable exposure to SP Group wouldn’t want the conglomerate to default before they are at least partially repaid, so they may do their part to lengthen the bridge towards the potential monetization of its Tata Sons stake.

For more reading:

• 💼 Brief Take: SP Group’s Tata Timer

• 💼 Brief Take: SP Group’s Chess Piece

• 💼 Brief Take: Keeping the SP Dream Alive

• 💼 Brief Take: Asia Private Credit’s Growing Pains

• 💼 Brief Take: Shapoorji Pallonji Group’s Tightrope Walk

🔸 PwC Finds Accounting Lapses in IndusInd Treasury Operations: Economic Times

A PwC review of IndusInd Bank’s treasury operations found that manual accounting entries were used to offset trading losses, creating a receivable pool of more than INR 22 billion (USD 231.7 million) and overstating the bank’s profit and assets by INR 18.18 billion (USD 191.5 million), The Economic Times reported on 4 June.

Eveline: The glaring question is how did this go on for so long? Internally, the Indian bank lacks a direct link between its asset liability management desk, which manages balance sheet risks, and the trading desk, which executes market transactions, according to ET. PwC reportedly found that the treasury back office posted manual entries to offset losses incurred by the trading desk.

Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.

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“DAM or DIM?”

If you mention Danantara to people who have dealt with the Indonesian sovereign fund, they may ask you from the outset whether your matter falls under Danantara Asset Management (DAM) or Danantara Investment Management (DIM).

While Danantara is helmed by Chief Executive Officer Rosan Roeslani, a former Indonesian ambassador to the United States, DAM and DIM are run by different sets of officials who carry out different functions and tend to respect each other’s remit.

DAM – which is led by Danantara’s Chief Operating Officer and former Deputy State-Owned Enterprises (SOE) Minister Dony Oskaria – essentially took over the restructurings that were previously executed by the SOE Ministry before it was dissolved. The regulatory function is now performed by a new agency, BP BUMN, which is also overseen by Pak Dony.

A key official handling some of the high-profile SOE restructurings is Febriany Eddy (known as Ibu Febri), who assumed the role of Non-Financial Managing Director last year. Before joining Danantara, she had a long stretch in the private sector where she rose through the ranks at Vale to become CEO of the Brazilian mining giant’s Indonesian unit.

DAM’s counterpart, DIM, is Danantara’s investment arm led by the fund’s Chief Investment Officer Pandu Sjahrir. DIM spearheads Danantara’s fundraising activities, including the issuance of its patriot bonds and loan syndication, according to people familiar with the matter.

Two of the key DIM personnel are Djamal Attamimi, Managing Director of Finance, and Ali Setiawan, Managing Director of Treasury & Public Investment. I wrote in July 2025 that in order to finance President Prabowo Subianto’s large-scale initiatives, Danantara would likely have to syndicate its loan to a wider group of banks and build a bridge to offshore bonds.

Danantara has been exploring a potential issuance of offshore bonds for a while, but the response from investors would really depend on the timing, a buyside friend said, noting the recent negative headlines surrounding the centralization of Indonesia’s commodity exports under the fund.

In November 2025, Danantara’s treasury managing director Ali Setiawan told a press conference in Jakarta that while the fund had plans to sell global bonds, rating agencies should make their assessments first. “Our target for 2026 is to get the credit ratings because we wish to achieve the best results. Why issue if the ratings are bad?” he reportedly said.

Another Danantara official in the spotlight is Luke Thomas Mahony, a former Vale executive who was appointed last month to head a new state-owned company established to oversee Indonesia’s natural resource exports. Danantara said the selection of Mahony – an Australian national – was based on his track record in the mining sector and personal ties to Indonesia.

Companies to Watch

🔸 Dhilmar

Anglo American agreed last month to sell its steelmaking coal mines in Australia to Dhilmar for as much as USD 3.88 billion in cash, Bloomberg reported.

Dhilmar is reportedly led by Alexander Ramlie, a former investment banker who was part of the Amman Mineral Internasional consortium that bought Indonesia’s second-biggest copper and gold mine from Newmont Mining Corporation.

Ramlie has business links with Indonesian tycoon Anthoni Salim, the boss of Salim Group, according to people familiar with the matter and media reports. Another former banker whom the Indonesian conglomerate tends to work with – especially for mining deals – is Agoes Projosasmito.

🔸 Bumi Resources

In 2022, Salim Group teamed up with another conglomerate, Bakrie Group, to buy out Indonesian coal miner Bumi Resources’ creditors and safeguard its assets.

Projosasmito was appointed as President Director of Bumi’s minerals unit, Bumi Resources Minerals (BRMS), spearheading the improvement of its operations and credit standing, according to the Acrostics Anatomy on Salim Group’s Bumi Turnaround.

I also wrote in June 2025 that Bumi was resetting its balance sheet via a “quasi reorganization”, which should pave the way for it to pay dividends to shareholders and raise funding.

Bumi has recently been on an acquisition drive, scooping up assets in Australia including Wolfram and Loyal Metals. The company could potentially tap the debt markets again, although investors’ sentiment will likely be affected by the Indonesian government’s policies in the mining or commodities sector.

People to Watch

EY-Parthenon was the exclusive financial advisor to Bank SMBC Indonesia on its USD 1.1 billion pension loan divestment to state-owned lender Bank Tabungan Negara (BTN). For the EY-Parthenon team who worked on the transaction, check out this LinkedIn post.

The news caught the attention of some friends in the industry because an external advisor is typically brought in to handle the sale of non-performing loans (NPL), but this particular deal involved performing loans. The sale of the pension loan portfolio is likely part of SMBC’s internal strategy to pivot towards higher-growth areas.

Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.

Whether or not business is good in Singapore really depends on which sector you’re in.

If you’re in private banking, family offices or wealth management, there’s no better place to be than in Singapore, as a lawyer friend put it.

The economy expanded 5% last year on the back of foreign direct investment and safe haven capital inflows. Singapore’s 6% growth in the first quarter of 2026 also beat expectations, though officials flagged downside risks amid the Middle East conflict.

International asset managers including Sixth Street Partners, Global Infrastructure Partners, Pentagreen Capital and IFM Investors have been building their private credit teams in the city-state, Bloomberg reported.

Singapore’s all-out efforts to boost its equities are also starting to pay off, as the total value of companies listed on the Singapore Exchange reportedly climbed to around USD 644 billion, overtaking Indonesia as Southeast Asia’s largest stock market.

In the restructuring and insolvency (R&I) space, there are a couple of interesting cases, such as the restructuring of a Singapore-incorporated alcohol distributor as well as the application to wind up a fintech company. Cinema chain Cathay Cineplexes – which was run by Singapore-listed mm2 Asia – also ceased its operations last year.

Some liquidations are ongoing, but they tend to be smaller tickets in the F&B sector that are nowhere near the scale of Singapore oil trader Hin Leong’s collapse six years ago, according to several R&I practitioners.

Companies to Watch

🔸 Keppel

Keppel announced on 27 April 2026 that its subsidiary, Corredance, had launched arbitration proceedings at the Singapore International Arbitration Centre against its joint venture partners in Vietnam.

The Singapore company is seeking declarations that three entities related to their 2016 investment agreement are fully liable for additional land use fees of around USD 261 million that were imposed by the authorities on the project company, Empire City, according to Keppel’s stock exchange filing.

Keppel’s Corredance has a 40% equity interest in the project company, which was established to build and operate residential and mixed-use developments on certain land plots in Ho Chi Minh City.

• The Land Bill Shock: What Keppel’s Empire City Arbitration Means for Investors in Vietnam Real Estate by Vilasia Law Firm

• 💼 Brief Take: Vietnam’s Risk Zone

🔸 UCars

Singapore car portal UCars was wound up more than a year after it was revealed to be SGD 4 million (USD 3.1 million) in debt, The Business Times reported. The appointed liquidator is Seah Chee Wei of Rock Stevenson.

• 📚 Acrostics Anatomy: Singapore Squeeze

• 💼 Brief Take: Singapore’s Missing Cars

• 💼 Brief Take: Singapore’s Rental Car Wreck

People to Watch

🔸 Quantuma’s Asia Office Buyout

Quantuma offices in Asia (Singapore, Hong Kong, Malaysia and Vietnam) and the Caribbean (BVI) were the subject of a management buyout, led by the senior leadership team in its Singapore office, according to the advisory firm’s LinkedIn post.

🔸 Jacqueline Chan Named R&I Lawyer of the Year at Legal 500 Southeast Asia Awards

Milbank Partner Jacqueline Chan was named Restructuring and Insolvency Lawyer of the Year at the Legal 500 Southeast Asia Awards 2026.

Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.

What a week – that was the sentiment in Jakarta as President Prabowo Subianto moved to centralize exports of key commodities under Danantara.

Even the rank and file at Danantara were stumped by the former general’s fiery speech and wondered how the sovereign fund was going to implement his plan, according to a friend familiar with the matter.

The president’s attempt to rein in transfer pricing – which has long been a form of capital leakage out of Indonesia – and keep dollars onshore is not illogical. But as with many of his earlier initiatives, the ambition and time horizon are misaligned with the practical reality, according to a Jakarta-based financier.

Indonesia’s stock market slumped 3.5% while the rupiah continued weakening to around 17,700 per dollar following the announcement.

I wrote in April last year that capital had flowed out of the country partly due to fears of being caught on the wrong side of the power consolidation after the president took office. Some tycoons were unsure if there was a grand design to this operation, making it difficult to plan around it, a friend close to the tycoons said at the time.

Wealthy Indonesians already accumulated significant assets or investments in neighbouring Singapore, so they have been diversifying to offshore destinations such as the Middle East, the UK, mainland China and Hong Kong, according to bankers familiar with the matter.

While Indonesian tycoons are hedging their exposure for safety reasons, they are unlikely to completely abandon business in Indonesia as some of them have built up scale that’s hard to replicate elsewhere.

Companies to Watch

🔸 Garuda Indonesia

Garuda Indonesia has been exploring options as it’s pummelled by the spike in fuel costs, according to several friends familiar with the matter. While the national carrier cannot just look at the fundraising route this time, a post-PKPU restructuring will likely be challenging – as I’ve flagged throughout the past year.

A key area of consideration is the negative optics associated with pursuing a fourth restructuring so soon after Danantara injected USD 1.4 billion into the airline. However, the clock is ticking for Garuda as its liquidity is shrinking rapidly.

🔸 Whoosh

The China-backed Jakarta-Bandung high-speed rail known as Whoosh is another state project with ballooning costs and uncertain recovery. I wrote on 14 April 2025 that state-owned builder Wijaya Karya was headed for a restructuring redux due to the infrastructure budget cuts and cost over-runs at Whoosh.

I also noted on 11 October 2025 that the Indonesian SOE method of rolling over loans or converting debt into equity may not work with the Chinese. It’s possible for Indonesia to offer the Jakarta-Surabaya rail line to China in return for some form of forbearance on Whoosh, though whether or not it can make money is still a question mark.

🔸 Modernland Realty

I wrote on 16 December 2024 that even if Modernland Realty could pull off its second round of restructuring, the Indonesian property developer was reliant on asset sales to jump over a maturity wall in 2027.

Quantuma was appointed to procure asset sales after Modernland’s restructuring was implemented in March 2025 via a Singapore scheme of arrangement, according to the advisory firm’s press release. While the sale process is ongoing, the developer has to service an expensive bridge loan from Bank JTrust Indonesia and ADM Capital’s Eight Rubies.

🔸 Indika Energy

The energy company continues diversifying away from coal by setting up an electricity distribution unit, Electra Jaringan Indonesia (EJI). The new subsidiary’s business activities will include retail sales of electricity to end consumers, according to its stock exchange filing.

Indika also issued USD 100 million 8.75% notes due 2029 to fund the development of its gold mining project in South Sulawesi. The company has a track record as a repeat issuer in the international bond market, so it’s not surprising that it was able to complete the latest deal.

People to Watch

There’s a merry-go-round going on in Indonesia’s restructuring and insolvency scene, as some firms that were hit by departures have to poach from other firms to replenish their ranks.

The trend is driven by a mix of reasons: a couple of individuals are embarking on their ventures while others are trying out a different firm or sector. The domino effect is still playing out and it’s unclear who’ll be the net gainer/loser when the dust settles.

Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.