[Virtual] Practical considerations of pre-packs as a restructuring tool in Singapore and the United States

The use of pre-packs as a restructuring tool has become increasingly popular in recent years. Following a session organised by the Asian Business Law Institute (ABLI) in September 2021 which provided a global overview of different types of pre-packs, ABLI returns this time with a deeper dive into the practical considerations of conducting pre-packs, primarily in Singapore and the United States.

This session is expected to discuss, among others:

• Creditor consent – what it takes to win creditor support before the filing of pre-packs, referencing practices in the US, the Netherlands and Singapore?

• The lack of shareholder cramdown – how the lack of shareholder cramdown in Singapore has or may have posed challenges in pre-packs there, and would it affect the recognition in Singapore of US pre-packs that entail equity cancellation?

• The lack of cross-class cramdown – would the lack of cross-class cramdown in a Singapore pre-pack force a debtor’s hand?

• Advice from the Bench – what does the Bench in Singapore would like to see in pre-packs presented before them?

This session is expected to reference case studies such as Zipmex, Re Brightoil Petroleum (“lock-up fees” and “lock-up agreements”), Re DSG Asia (disclosure requirements), “death trap” or “flip-up election” mechanisms seen in US pre-packs (such as in Fullbeauty), Hoe Leong, Pacific International Lines, and others.

When is this webinar scheduled?

This webinar will take place from 7pm to 8:15pm (Singapore time) on Tuesday, 17 October 2023.

Please be mindful of the time difference if you are joining from outside of Singapore

Who will be speaking at this webinar (in alphabetical order)?

Justice Aedit Abdullah (Singapore)

Judge of the Supreme Court of Singapore

Justice Aedit Abdullah was appointed Judicial Commissioner in 2014 and High Court Judge on 30 September 2017.

Justice Abdullah obtained a Bachelor of Laws (First Class Honours) from the National University of Singapore (NUS) in 1994, as well as a Bachelor of Civil Law (First Class) from the University of Oxford in 1998 and a Master in Public Management from NUS in 2007.

He joined the Singapore Legal Service in 1995 and began his career as a Justices’ Law Clerk. He then taught at the Faculty of Law, NUS, before re-joining the Singapore Legal Service. He has held various appointments, such as Deputy Public Prosecutor, Deputy Senior State Counsel and District Judge of the Subordinate Courts (renamed as State Courts in 2014). He was appointed Chief Prosecutor (Economic Crimes and Governance Division), and subsequently Chief Prosecutor (Criminal Justice Division) at the Attorney-General’s Chambers in 2011 and served as special counsel at the Monetary Authority of Singapore from January 2008 to June 2009. He was appointed Senior Counsel in 2012.

He is the Judge in charge of Transformation and Innovation in the Judiciary, and is also Chair of the Promotion of Legal Technology Innovation Committee of the Singapore Academy of Law.

Dan T. Moss (New York / Washington, D.C., United States)

Partner, Jones Day

Dan has represented debtors, creditors, trustees, and creditor committees in some of the largest and historic corporate and government reorganizations in the United States. He also has extensive experience counseling clients on fraudulent conveyance, preferential transfer, fiduciary duty, and corporate governance issues.

Dan recently served as co-lead counsel for the Official Committee of Unsecured Creditors in the Toys "R" Us Property Company I chapter 11 cases and the Peabody Energy chapter 11 cases. Dan played a significant role in the City of Detroit's historic chapter 9 case — from litigating the City's eligibility for chapter 9 to confirmation of its plan for the adjustment of debts. He also represents the Washington Metropolitan Area Transit Authority in connection with its revitalization efforts.

In connection with Jones Day's representation of the Chapter 7 Trustee of Anthracite Capital, one of the largest chapter 7 cases ever filed, Dan oversaw all aspects of this engagement, which resulted in a recovery of approximately $47 million for the estate and a release of more than $33 million in secured affiliate claims. He also was a member of the team that represented Chrysler in the sale of its assets to Fiat and the decision to reject certain dealership agreements.

Additionally, Dan devotes time to monitoring various legislative proposals pending in Congress that would amend the Bankruptcy Code and pro bono activities such as the representation of disabled veterans. He is an active member of INSOL International and writes frequently about cross-border restructuring matters.

Tan Kai Yun (Singapore)

Partner, Restructuring & Insolvency and Special Situations Advisory, WongPartnership LLP  

Tan Kai Yun is a Partner in the Restructuring & Insolvency and Special Situations Advisory Practices in WongPartnership LLP. Her main areas of practice are restructuring and insolvency, commercial litigation and international arbitration, and shipping and maritime law. She has acted in multiple high-stakes complex cross-border restructuring and insolvency matters on both debtor and creditor mandates.

Some recent key mandates she has taken the lead on included advising debtors such as Pacific International Lines, and EMAS Chiyoda Subsea, in their successful cross-border restructurings, acting for creditors in the ongoing restructuring of the Sete Brasil group and in the liquidations of the Coastal Oil and Hin Leong Trading group, as well as for the judicial managers of embattled ship-owning group Xihe Holdings.

Is this webinar accredited for continuing professional development (CPD) points for Singapore-admitted lawyers?

This webinar has been accredited for 1 public CPD point. Attendees who wish to claim CPD points are reminded to provide their AAS numbers or other number issued by the Singapore Institute of Legal Education (SILE) during registration. You are required to strictly follow the attendance policy of SILE before CPD points can be awarded. Please refer to www.sileCPDcentre.sg for more information.

I am a practitioner qualified in a jurisdiction other than Singapore. Will attending this webinar entitle me to claim relevant CPD-equivalent points in my own jurisdiction?

The answer to this question depends on the rules of the relevant governing body in your jurisdiction. In the past, we have issued letters of attendance accompanied by actual Zoom log-in records to assist non-Singapore-qualified attendees to claim their professional learning points. Therefore, if a letter of attendance and a Zoom record are all you need, we will be able to help. Likewise, we have issued the same set of documents to professionals other than lawyers who may also have such continuing education requirements.

However, if the rules of your jurisdiction require an event to be accredited, we regret that this session will not entitle you to claim points outside of Singapore.

What if I am unable to attend this webinar after registration? Are the fees paid refundable?

Unfortunately, the payments made are not refundable. If you are unable to attend the webinar, we request that you let us know as soon as possible so that we can let you transfer your slot to your colleague.

I am interested in this webinar but unable to make it for the live session. If I register, will a recording be made available to me?

Yes, a recording of the webinar can be made available upon request, though it is important to bear in mind that viewing the recording will not entitle you to any public CPD points. In principle, we only provide recording upon request by a paid attendee.

Will the materials presented at the webinar be made available to attendees?

The materials can be made available to attendees if the speakers so consent as they are the copyright owners of their presentation materials. Those who wish to receive such materials are advised to write to info@abli.asia after the webinar for more information.

I want to sign up for the webinar but my organization requires registration to be done by other means, such as by sending an invoice to a dedicated portal. How do I register in this case?

In principle, your registration for the webinar is only confirmed after payment is made online. However, if you need to pay against a manual invoice by bank transfer or other means, or if you are from a Singapore government agency that uses a central invoicing system, please write to info@abli.asia so that ABLI can arrange an alternative way of registration for you, taking your needs into consideration.

Who can I contact if I have more questions?

Please write to info@abli.asia for any other query you may have about this webinar.