Managing Partner for the Mauritius office, Malcolm Moller, commented, “We are honoured to receive this award for what is, by far, the largest debt restructuring deal in South Eastern Asia in 2017. Appleby advised on all aspects of Mauritius, Seychelles and Cayman Law for the restructuring, and continues to be a market leader in this space.”

This matter came about after a statement was issued by the Financial Services Authority of Indonesia (OJK) authorising Bumi, Indonesia’s largest thermal coal miner, to restructure its debts totalling USD 4.5 billion in June 2017.

Bumi entered into a series of agreements in December 2017 to convert its USD 4.5 billion debt into new equity (through a USD 1.99 billion debt-to-equity swap) and new debt (made of senior loans and notes, mandatory convertible bonds, and contingent value rights). The restructuring, among other things, involved three public bonds listing, and structuring six bank-syndicated loans and additional loans from China Investment Corporation (CIC) and China Development Bank (CDB).

The Appleby Mauritius & Seychelles teams were led by Malcolm Moller and Counsel, Anjana Ramburuth. The Cayman Team was led by Partner, Fiona Chan (based in Hong Kong) and supported by Legal Manager, Quinton Tse (based in Hong Kong) and Associate, Elizabeth Elliot (based in Hong Kong).

Other firms acting for The Creditors of PT Bumi Resources included Kirkland & Ellis, Davis Polk & Wardwell, King & Wood Mallesons, Rajah & Tann Singapore and Hiswara Bunjamin & Tandjung. Bumi’s legal team was led by Withers.

Key Contacts

Malcolm Moller

Group Managing Partner: Mauritius, Seychelles, Shanghai

T +230 203 4301
E Email Malcolm

Fiona Chan

Partner: Hong Kong, Shanghai

T +852 2905 5760
E Email Fiona

Twitter LinkedIn Email Save as PDF
More News
8 Mar 2023 | News

Appleby supports International Women's Day 2023

Appleby is proud to support International Women’s Day (IWD) and this year’s campaign theme of #E...

16 Feb 2023 | News

Top tier rankings for Appleby in Chambers Global 2023

Twenty-eight lawyers from across Appleby’s Bermuda, British Virgin Islands (BVI), Cayman Islands, ...

11 Aug 2022 | News

Over 30 Appleby lawyers and nine offices recognised in 2022 IFLR1000

36 Appleby lawyers across nine jurisdictions have been recognised in this year’s IFLR1000 rankings...

8 Mar 2022 | News

Appleby Celebrates International Women’s Day on 8 March 2022

Appleby marks the day with 2022 campaign theme #BreakTheBias.

30 Jul 2021 | News

Nine Appleby offices recognised in 2021 IFLR1000 Guide

Nine of Appleby’s offices have achieved Tier 1 and Tier 2 status in the latest IFLR1000 rankings.

10 Mar 2021 | News

Appleby Global Services celebrates second year with triple growth

Appleby Global Services (AGS), Appleby’s specialist corporate and trust services provider recently...

10 Dec 2020 | News

Appleby Ranked Tier 1 in Chambers’ Inaugural Offshore FinTech Guide

Chambers and Partners has published its first-ever Offshore FinTech ranking, naming Appleby as a Tie...

23 Sep 2020 | News

Appleby shortlisted ‘Offshore Firm of the Year’ by The Lawyer

Leading offshore firm Appleby has been shortlisted in The Lawyer Awards 2020, ‘Offshore Firm of th...

6 Jul 2020 | News

Appleby Global Services announce new leadership team

Appleby Global Services (AGS) a global fiduciary services provider which was launched by offshore la...