Ship and offshore finance

Advising and acting for a major secured lender on the collapse of a well-known Singapore oil trader (Hin Leong Trading), its related vessel ownership group (Xihe Holdings) and its related bareboat charterer (Ocean Tankers), with an exposure of well over US$500 million. This matter has been the subject of headline news in Singapore and in international industry press, with allegations of fraudulent trading, and is one of the largest debt restructuring exercises in Singapore.

Advised a syndicate comprising three banks on a restructuring, and eventual full prepayment, of a loan facility involving four Sinosure-backed bareboat charters with Pacific International Lines (PIL).

Advised ABN AMRO Bank, in its role as agent, on an approximately US$200 million senior secured multi-currency revolving and term loan to the Peacock Container Group.

Advised SEB, and a syndicate comprising five banks and financial institutions, on a US$155 million loan facility to part-finance Epic Gas Ltd's acquisition of Lauritzen Kosan's fleet of 17 owned-vessels.

Restructuring and insolvency

Advising Swire Bulk on the spin-off / demerger of its dry bulk shipping activities from its liner and fleet management services, which involved China Navigation Co transferring the ownership of its bulking assets, including 12 Singapore-flagged and 19 Hong Kong-flagged bulk carriers, from China Navigation Company Pte. Ltd. to the newly incorporated Swire Bulk Holdings Pte. Ltd.

Advised a syndicate comprising three banks on a restructuring, and eventual full prepayment, of a loan facility involving four Sinosure-backed bareboat charters with Pacific International Lines (PIL).

Advising and acting for a major secured lender on the collapse of a well-known Singapore oil trader (Hin Leong Trading), its related vessel ownership group (Xihe Holdings) and its related bareboat charterer (Ocean Tankers), with an exposure of well over US$500 million. This matter has been the subject of headline news in Singapore and in international industry press, with allegations of fraudulent trading, and is one of the largest debt restructuring exercises in Singapore.

More: Restructuring and insolvency

Public and private M&A

Advising Sembawang Kimtrans Limited, a logistics company listed on the SGX, on its S$78 million acquisition by Toll Express Asia Pte Ltd, a subsidiary of ASX listed Toll Holdings Limited.

Advising Lasseters International Holdings Limited, a hotel and gaming operator listed on the Catalist of the SGX, on the disposal of its portfolio of 12 Australian hotels to Independent Pub Group Pty Ltd for an aggregate adjusted consideration of A$92 million.

Advising Otto Marine Limited on its proposed acquisition of Go Marine Group Pty Ltd for an aggregate consideration of A$20 million.

Advising Fenner PLC, a company listed on the LSE, on its acquisition of Multiseals Pte Ltd, an industrial seals manufacturer based in Singapore, for an aggregate cash and share consideration of S$14.4 million.

Advising an affiliate of HSBC Holdings PLC on the sale of its Singapore general insurance businesses to French insurer AXA Group, as part of HSBC’s multi-jurisdictional disposal of its general insurance businesses in Hong Kong, Singapore, Argentina and Mexico to AXA Group and Australian insurer QBE Insurance Group in a split deal for an aggregate consideration of US$914 million.

Advising American International Assurance Company, Limited, a company listed on the HKSE, on the restructuring and transfer of its Singapore life and general insurance business from a branch office to AIA Singapore Pte Ltd, a wholly-owned subsidiary incorporated in Singapore, through a scheme of transfer under Section 49FB of the Insurance Act of Singapore.

Advising a Japanese logistics company on the acquisition of 90% of the shares in a Singapore freight forwarding and logistics company for cash consideration of S$10 million.

Advising Japan South East Asia Growth Fund L.P on the acquisition of AdvanIDe Pte. Ltd, a silicon distributor providing components for RFID transponders, chip cards, and RFID readers and terminals.

Advising a Japanese institutional investor on the acquisition of a strategic 25% minority stake in a major Singapore-based F&B chain.

Advising the vendors of a Singapore based medical practice on the sale of a majority equity stake cum joint venture with a prominent medical group.

More: Public and private M&A

Employment

Jason's practice focuses on the non-litigious aspects of employment law and has advised clients on a wide range of matters including employment contracts, service agreements, compliance and personal data protection matters, negotiations with trade unions, termination of employment, sexual harassment and various employment related matters in connection with large scale M&A transactions.

Advising Tricorn Energy on the transfer of employees in relation to the acquisition of Noble Group's petrochemical business.

Advising on employee transfer and secondment arrangements in Singapore in connection with joint venture arrangements between Fujifilm and Xerox.

Advising a listed Japanese manufacturing company on the removal of the chief executive of its Singapore subsidiary.

Advising a Singapore subsidiary of a listed Japanese chemicals company on updating its personal data protection policy.

Advising a Japanese recruitment company on preparation of a personal data protection for its Singapore subsidiary.

Banks and banking

Advising a leading PRC bank on a US$1 billion secured loan facility to a borrower listed on the Paris Bourse to finance the purchase of 51 offshore support vessels.

Advising Wintercrest Advisors LLC, an associate of Platinum Partners, on a US$30 million bridge loan facility to Blumont Group Limited, a company listed on the SGX.

Advising Bank of Communications Financial Leasing Co., Ltd on the financing of its US$1.35 billion newbuilding tanker project.

Advising Nordea Bank AB on the transfer of its Singapore loan and security portfolio in connection with the merger of Nordea Bank AB with its subsidiaries in Norway, Denmark and Finland.

Acting for an ABN AMRO Bank led syndicate of banks for the US$95 million refinancing of three existing facilities to Epic Gas.

Advising a leading Swedish Bank on its US$178 million refinancing of existing facilities in connection with the corporate restructuring of the Solstad group of companies.

Advising a leading Swedish Bank on amendments to its US$178 million syndicated facility to the Solstad group of companies by way of a Singapore scheme of arrangement.

Advising Bank of Communications Financial Leasing in relation to the finance leases of 19 newly-built LR2 and MR tankers under bareboat charters to Scorpio Tankers Inc. valued at US$668 million.

Advising DNB Bank ASA, Singapore Branch and DNB Asia Ltd on the transfer of a US$2 billion Singapore shipping loan and security portfolio to back to head office in Norway as part of an internal restructuring exercise.

More: Banks and banking