Insolvency & Restructuring
Following the Asian crisis Siam Premier recognised the need for specialist insolvency expertise.
Siam Premier has now one of the most successful practices in this area, assisting creditors, debtors, planners, administrators and liquidators. Insolvency matters are by nature multi-disciplinary and rely heavily on the technical and practical knowledge of the firm’s litigators as well as our finance, corporate and commercial lawyers.
Our team | Recent experience
We advise on:
- Formal and informal restructurings;
- Rehabilitations and bankruptcy cases under the Bankruptcy Act;
- Acquisitions of distressed assets and loan portfolios;
- Debt for equity and asset swaps;
- New equity and strategic partners;
- Operational restructurings;
- Petitions for liquidation and rehabilitation;
- Preferences and fraudulent transactions;
- Distressed debt transactions;
- Insolvency law reform;
- Multilateral technical assistance; and
- Training.
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Bancha Wudhiprecha
Partner:
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Phasunsook Ayanputra
Partner:
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Kong Suriyamontol
Partner:
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Suttiphat Khamsirivatchara
Partner:
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Recent Experience
Law Debenture UK, CSFB and other creditors
Acting on behalf of creditors of Tanayong Pcl, a company which is not in rehabilitation. This is one of the most significant restructuring transactions to take place and involves advising bond holders and preparing and submitting their claims and proofs of debt. This also concerns claims of convertible bonds with US$ 130 million.
JGC Corporation
Advising on a case in the Rehabilitation Court concerning the fact that our client was not included in the creditor list of Thai Lube base when it entered insolvency.
Thai Stainless Steel
Conducting the complete rehabilitation process, including filing the rehabilitation applications through to working out the rehabilitation plan.
Central Paper Industry PCC
Conducting the complete rehabilitation process, including filing the rehabilitation applications through to working out the rehabilitation plan.
ABN Amro
Acting in a dispute between the creditor and the Guarantors of the bankrupt debtor under the rehabilitation process. Appeared for the Bank in civil court proceedings regarding guarantee issues relevant to Bankruptcy law.
TPI co-planner proposal
Acting for Ernst & Young in the establishment of a special purpose vehicle to act as planner of TPI Petrochemical Industries, Thailand’s largest corporate debtor. Whilst the planner was not ultimately appointed, the structure we devised has become a model for co-operative joint planner appointments involving independent accountants.
President Park Group
Advising in the Baht 3 Billion dollar restructuring of the property group
Siam Steel rehabilitation
Acting for the banks in preparing a pre-packaged plan for the rehabilitation of Siam Steel and in preparing the petition for rehabilitation. Subsequently, we have acted for the planner in preparing the plan and in putting it to a creditor vote and in implementing the plan. The case was an excellent example of a co-operative prepackaged restructuring involving 25 banks. We recommended unique joint planner arrangements to enable the co-operative implementation of the plan while entrenching creditor protections.
Thai Modern Plastic
Acting for South Sathorn Planners, a subsidiary of Deloitte Touche Tohmatsu, on their planning responsibilities and litigation following the financial collapse of Thai Modern Plastic and subsequent forensic investigations. The litigation was a key test case on the scope of the planners’ responsibilities and one of the first ever business sales in restructuring. We acted on the trading sale of the enterprise to Eastern Polymers.
Sugar mills case
Acting for Deloitte Touche Tohmatsu in relation to risk management and the defence of claims arising out of planner appointments for Kaset Thai Sugar, Thai Identity Sugar and Ruamphol Enterprise Company.
Seamico restructuring
Acting for the securities broker Seamico, in one of the earliest and most successful Thai restructurings. The company avoided delicensing as the result of the restructure and has now substantially increased its market share. The restructuring involved a substantial capital decrease, a capital increase, the issue of convertible and subordinated securities, debt/equity swaps and foreign ownership issues.
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