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.

Share
Twitter LinkedIn Email Save as PDF
Key Contacts
More News
2 Jul 2020 | News

Offshore Business Update

This is an update for our clients on how the authorities in our core jurisdictions are responding to...

4 Jun 2020 | News

Appleby recognised by Citywealth following brand refresh

Leading offshore law firm Appleby has been recognised by Citywealth in their Brand Management and Re...

6 Mar 2020 | News

Appleby’s Female Leader’s Network: One year on

Global network brings together women in senior positions across the jurisdictions in which the firm ...

5 Feb 2020 | News

Appleby announce a number of high profile appointments across its global offering

Leading Law Firm Appleby has announced a number of high profile internal appointments to further str...

30 Jan 2020 | News

Appleby named Law Firm of the Year at Citywealth IFC Awards

Leading offshore law firm Appleby was named as ‘Law Firm of the Year - Litigation’ at the Citywe...

14 Jan 2020 | News

Appleby shortlisted as ‘International Law Firm of the Year’ in the Citywealth Magic Circle Awards 2020

Appleby has been shortlisted as ‘International Law Firm of the Year’ in the 2020 Citywealth Magi...

Contributors: Vincent Chan
5 Nov 2019 | News

Positive Energy: Appleby comments on an active Energy and Natural Resources sector

Appleby has reported another strong year in the energy and natural resources sector and has acted on...

9 Oct 2019 | News

“Do-Nut” worry and “Sweeten your Friday”

Appleby has partnered with local shops and bakeries in seven locations to offer local residents a co...