27 Jun 2018
Rajah & Tann Singapore named top 30 global restructuring and insolvency practices at GRR Awards
Rajah & Tann Singapore has been named a top 30 leading cross-border restructuring and insolvency practice in the world by Global Restructuring Review (GRR), a leading UK-based information service website providing cross-border insolvency and restructuring news.
The firm was recognised at the 2nd Annual GRR Awards Ceremony held in London last evening where it was named in the GRR30 list, which ranks the top 30 firms in a list of 100 firms identified by GRR in its guide to the world’s approved cross-border insolvency and restructuring law firms.
Rajah & Tann Singapore was selected based on its track record, value of current cross-border restructuring and insolvency cases and the number of such active matters handled in the last two years.
The firm’s work on Seadrill’s restructuring involving the Bermuda-based offshore drilling contractor and 85 other debtors domiciled across 18 different countries, won the Most Significant Litigation Award for restructuring or insolvency-related cases.
Seadrill’s US$20 billion restructuring of contract and debt obligations comprised an amended Chapter 11 plan which was approved by Judge David Jones in the US Bankruptcy Court for the Southern District of Texas. The plan led to several outcomes: a global settlement with major creditors in February 2018; a series of ring-fencing transactions to protect non-consolidated businesses from bankruptcy including in Brazil and Mexico; banking facility amendments; Bermudian provisional liquidation proceedings and schemes of arrangement; a Chapter 15 case; the recognition of the Chapter 11 in Bermuda; and out-of-court restructurings for four corporate sub-groups – one of which was still ongoing when nominations for the GRR Awards 2018 were submitted. The result was a much simplified corporate structure and over US$1 billion in new money for the Seadrill group, recoveries for all creditor constituencies and equity holders, and a resolution of US$1.8 billion in contingent liabilities from the construction of new drillships.
Patrick Ang, Deputy Managing Partner of Rajah & Tann Singapore, said: “Rajah & Tann is very honoured to be ranked among the top 30 restructuring and insolvency practices globally. As our award-winning Seadrill case shows, the real satisfaction in our practice comes from knowing that we were able to deliver the best outcome for our clients.
“The latest endorsement is a step forward for our ambition to be the restructuring and insolvency team of choice for businesses in Asia. To this end, my partners and colleagues will continue to adhere to the high standards of excellence and integrity that have served us well.”
Rajah & Tann Singapore is a leading full-service law firm in Singapore and one of the largest in South East Asia, with market leading practices in dispute resolution, international arbitration, shipping, insolvency, restructuring, corporate & commercial, tax & trust amongst others. Through Rajah & Tann Asia, it is a member of one of the largest legal networks in ASEAN with around 650 fee earners.
About Rajah & Tann Asia – www.rajahtannasia.com
Rajah & Tann Asia brings together leading law firms and lawyers in Cambodia, China, Indonesia, Lao PDR, Malaysia, Myanmar, Singapore, Thailand, the Philippines and Vietnam, with each offering the highest standards of service to locally-based clients while collectively having the capability to handle the most complex regional and cross-border transactions and to provide excellent legal counsel seamlessly across the region. With around 650 fee earners, all working towards one shared goal, we are lawyers who know Asia and who give our clients home advantage.