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.