Asia Roundup
Singapore-Incorporated Crypto Miner Files Chapter 11
Singapore-incorporated crypto mining company Poolin Technology has sought Chapter 11 protection in New Jersey as it looks to sell its assets after wallet holders filed claims against it in the US and Singapore, Global Restructuring Review (GRR) reported.
The group is being advised by Archer & Greiner and has hired Oon & Bazul partner Keith Han to help it seek recognition of the Chapter 11 bankruptcy in Singapore, according to GRR.
Vietnam Banks Strain to Finance Hanoi’s Double-Digit Growth Push
Hanoi is in urgent need of bringing more foreign capital into its economy as local banks strain to finance large-scale projects that are underpinning Vietnam’s pursuit of double-digit growth this year and until 2030, The Business Times reported.
Nguyen Thanh Tung, Chairman of Vietcombank, Vietnam’s largest listed bank by market capitalisation, delivered the warning at a government-business conference chaired by Prime Minister Le Minh Hung. Tung said that the country’s domestic savings will not be sufficient to fund the scale of investment being planned.
SpiceJet’s Turnaround Remains Elusive
Nearly two years after raising close to INR 36 billion (USD 373 million) from investors to revive its operations, Indian airline SpiceJet has yet to achieve a meaningful turnaround, with declining market share, widening losses and weak operational performance, Moneycontrol reported.
Indonesia Roundup
Danantara Takes Over $9.5 Billion in Assets to Create Indonesia’s Largest Fund Manager
Indonesia’s sovereign wealth fund Danantara has taken control of four state-owned investment management companies overseeing a combined IDR 170 trillion (USD 9.5 billion) in assets, The Business Times reported.
This creates what will become the country’s largest asset manager as the government pushes to consolidate state-owned financial institutions.
FKNK Represents Gunbuster Nickel Industry in PKPU Proceedings
FKNK Law Firm is advising Indonesian nickel smelting company Gunbuster Nickel Industry (GNI) on its local court-supervised restructuring (PKPU), according to its LinkedIn post.
The restructuring involves around IDR 56 trillion (USD 3.12 billion) of claims submitted by more than 200 creditors.
“GNI’s Indonesian PKPU sits within a broader restructuring landscape spanning Indonesia, China, and Singapore, intersecting with the court supervised reorganisation of affiliated Delong Group entities in China and the subsequent proceedings in Singapore,” FKNK said.
Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.