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20 Apr 2021

Stephenson Harwood advises banks on restructuring and facility exit involving four vessels

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Law firm Stephenson Harwood (Singapore) Alliance has advised a syndicate comprising three banks on a restructuring, and eventual prepayment, of a loan facility in respect of four vessels, which have Sinosure covered bareboat charters with Pacific International Lines (PIL).

The facility was made to a subsidiary of PIL to part-finance four vessels bareboat-chartered to PIL. PIL's payment obligations under the relevant bareboat charters were insured by Sinosure. The proposed restructuring followed a number of payment defaults, on which Stephenson Harwood has been advising the banks since mid-2020.

The restructuring was part of a wider debt structuring exercise for a scheme of arrangement. This was to satisfy the conditions relating to the investment by Temasek Holdings' wholly-owned Heliconia Capital Management, which was granted a moratorium extension in March by the Singapore high court.

Stephenson Harwood subsequently assisted with multiple partial prepayments, and the discharge of all relevant securities, for the facilitation of the necessary vessel sales.

The Stephenson Harwood (Singapore) Alliance team comprised partner Martin Green, senior associate Pedram Norton and associate Nicole Carmen Tan. Singapore law advice was provided by partner Jason Yang, and associates Wei Liang Chang and Angeline Yap.

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KEY CONTACT

Martin Green

Martin Green
Managing Partner

T:  +65 6226 1600 M:  Email Martin | Vcard Office:  Singapore

Jason Yang

Jason Yang
Partner

T:  +65 6835 8673 M:  Email Jason | Vcard Office:  Singapore

Wei Liang Chang

Wei Liang Chang
Associate

T:  +65 6835 8651 M:  +65 9853 0669 Email Wei Liang | Vcard Office:  Singapore

Pedram Norton

Pedram Norton
Senior associate

T:  +65 6622 9651 M:  Email Pedram | Vcard Office:  Singapore

Nicole Tan

Nicole Tan
Associate

T:  +65 6622 9686 M:  +65 8186 8340 Email Nicole | Vcard Office:  Singapore

Angeline Yap

Angeline Yap
Associate

T:  +65 6602 6609 M:  +65 8569 1780 Email Angeline | Vcard Office:  Singapore

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