Restructuring and Insolvency
Chandler Mori Hamada acts for creditors, creditor committees and debtors on due diligence and restructuring of corporate debt, and advises on reorganization proceedings under the amended Bankruptcy Act and under the Corporate Debt Restructuring Advisory Committee (“CDRAC”). Chandler Mori Hamada published an English translation of the amended law in 1999, and co‐published “Restructuring Eurobond Debt in Thailand”.
Some Representative Transactions:
Rehabilitation and bankruptcy
- A major plastic and chemical products manufacturer listed under the SET (Stock Exchange of Thailand) in relation to the debt restructuring of its debtor, a major PVC resin manufacturer in Thailand.
- Creditors of a major regional airline which has liquidated its business. There are a number of creditors making debt claims in respect to the insolvency of this airline. The ownership structure of the airline is complex and the Covid-19 situation has had a severe impact on the whole of the airline industry.
- A global financial services group in relation to the debt restructuring and business rehabilitation process of its Thai debtor, a major Thai full-service airline business listed under Thai Stock Exchange. The creditor is filing an application against its debtor, Thai Airways PCL, for repayment of outstanding aircraft financing debts under business rehabilitation proceedings in the Thai bankruptcy court.
- An industrial manufacturer of dies for pressed steel plate parts as well as welding jigs and inspection jigs based in Thailand in relation to its debt restructuring and business rehabilitation process in Thai bankruptcy court.
- A state enterprise applying for repayment of debt owed by a Thai telecommunications company for a rehabilitation of USD 3,400 million.
- Clients in a debt repayment claim under the rehabilitation process.
- The former executives of a major Thai petrochemical company in a series of litigation cases against the plan administrator.
- A foreign bank, the plan administrator, in litigation proceedings in relation to a claim of approximately US 6,700 million arising from the debt restructuring of a Thai major plastic manufacturer under business reorganization.
- Creditors in filing petitions for bankruptcy against debtors; creditors in filing applications for repayment of debt held by businesses under business rehabilitation; and debtors in filing petitions for business rehabilitation.
- A Thai state enterprise in a rehabilitation case involving a telecommunications company in respect to which the total claim amount was more than USD 300 million.
- A Thai real estate development company on its debt restructuring of more than USD 500,000 in a business rehabilitation case.
- A European company in bankruptcy and liquidation proceedings.
