☀️ Bright Spot #17
Singapore’s Growing Restructuring Hub | IndiGo’s Japanese Equity Financing | Zhong Lun Advises Seazen on High-Yield Bond Issuance | First Australian Receiver-Led Creditors’ Scheme Approved
🌻 Singapore’s Growing Restructuring Hub
Justice James Peck, International Judge of the Singapore International Commercial Court (SICC), shared his perspectives with The Business Times on Singapore’s growing role as a trusted hub for cross-border restructurings.
These are some extracts from his piece:
“When indicators of distress converge, be it a tightening of trade credit or missed earnings projections, stakeholders seek out jurisdictions such as Singapore for a specific reason: They have little appetite or patience for the ‘slow-motion’ drag of a traditional court process or for courts with limited restructuring experience and unknown commercial sophistication.”
“In the restructuring of Garuda Indonesia, SICC’s recognition of a plan seeking to distribute US$825 million to creditors validated the Indonesian proceedings under the UNCITRAL Model Law. By granting this recognition, SICC prevented attacks by dissident creditors that could have undermined the restructuring and destroyed value. This case demonstrated that Singapore does not seek to displace regional courts, but rather acts as a stabilising force that can harmonise differences and deliver a predictable commercial outcome.”
“In the case of No Va Land involving a Vietnamese real estate enterprise, the court completed the restructuring of US$300 million in New York-law bonds in just 15 days. In the context of the Asian market, where restructurings have historically been protracted and litigious, such a rapid sanctioning provided the legal finality a liability management exercise lacks while respecting the timing expectations of today’s capital markets.”
🤝🏻 Guest Take: Bridging Borders – Singapore’s Embrace of PRC Reorganisation Proceedings by Virtus Law
👣 Asia’s Restructuring Milestones: Southeast Asia’s Mixed Platter
🌻 IndiGo’s Japanese Equity Financing
The first Japanese Operating Lease with Call Option (JOLCO) with an Indian airline group has closed and was structured through GIFT City, according to SMBC Group’s LinkedIn post.
JOLCO financing has historically been the domain of a select group of established global airlines. The deal with IndiGo’s subsidiary, InterGlobe Aviation Financial Services IFSC Pvt Ltd, to finance two Airbus A320 planes marked India’s entry into that space, channeling Japanese equity into one of aviation’s most dynamic growth markets, according to SMBC.
SMBC acted as the Facility Agent, Security Agent, Debt Arranger and Lender.
⏩ On the Move
🔸 Zhong Lun Advises Seazen on USD 355 Million High-Yield Bond Issuance
Zhong Lun Law Firm advised Seazen Group and its subsidiary, New Metro Global, on the offering of USD 355 million 11.8% notes due 2029.
This transaction represents a milestone in the gradual re-entry into offshore capital markets by Chinese real estate issuers, according to Zhong Lun’s LinkedIn post. The law firm also advised New Metro on its concurrent tender offers to purchase for cash its outstanding 4.5% bonds due 2026 and 11.88% notes due 2027.
🔸 First Australian Receiver-Led Creditors’ Scheme of Arrangement Approved
Insolvency practitioners have another tool in their toolbox, with the first Australian receiver-led creditors’ scheme of arrangement approved by the Federal Court of Australia on 10 March 2026, according to a note written by Clayton Utz.
The creditors’ scheme approved in the matter of Twinza Oil Limited is due to be implemented on 17 March 2026. Clayton Utz acted for the senior secured lenders.
“The Twinza decision confirms creditors’ schemes of arrangement can be used as a useful restructuring tool, and can be used effectively with a simultaneous appointment of receivers, but as with so many aspects of credit deleveraging transactions, there are further opportunities to refine the system,” the law firm wrote.