— Cracks are showing in Southeast Asia’s credit markets as struggling companies in troubled industries seek to repair their balance sheets, according to Rajah & Tann Singapore LLP, which manages the largest network of corporate lawyers in the region.
“We are increasingly being asked to review security and loan documents and advise on enforcement options, with financiers being keen to make sure the ducks are in a row,” said Danny Ong, a partner in charge of dispute resolution practice, citing recent instructions and mandates from clients. “This has led to us ramping up our internal resources in anticipation of more distress events.”
The law firm has acted for creditors, bond trustees and liquidators in recent insolvencies related to OW Bunker, Ezra Holdings Ltd. and PT Berau Coal, among others. Ong said investors should brace for more bad news.Private-equity firms, which replaced traditional banks as major capital providers after the global financial crisis, “are becoming increasingly risk averse,” making fundraising or debt servicing more challenging, he added.
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