Media

Read on for the DealStreetAsia article on the emerging opportunities for cash rich funds looking to deploy in Asia. We commented on the ways to participate as a distressed investor; investing in secondary debt or fulcrum security, distressed M&A or the acquisition of assets from distressed sellers, or participating as a rescue financier or providing loans on a super-priority basis. We also commented on the role of strategic investors and family offices in relation to distressed opportunities.

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Read on for the Business Times article on the impact of COVID-19 and DHC Capital’s viewpoints on the impact of the virus fallout on companies. We highlighted the time lag and that the full impact of COVID-19 will only emerge once the support measures run out. We elaborate how a liquidity problem turns into a solvency problem for companies when there is a permanent change to earnings and cash flow if business sentiment does not pick up and the risk of loan impairments as debt becomes unsustainable. We also highlight distressed M&A as a possible solution for struggling companies.

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Read on for the Business Times article on the restructuring landscape post COVID-19 and DHC Capital’s viewpoints on the current market landscape. We commented that the new measures under the COVID-19 Act protected directors and allows companies to continue to trade. We further commented that instead of restructuring, companies are exploring options in financing and they generally fall into 2 groups of companies. The first group of companies may simply require funding to extend their liquidity runway in the event that the Covid-19 pandemic lasts longer than anticipated. We are helping such companies to explore relief capital from alternative capital provides if their banks are unable or unwilling to provide new loans. The second group comprises companies that operate in industries that have been hit badly by COVID-19, such as retail, energy, entertainment, tourism and tech start up, where a liquidity problem becomes a solvency problem.

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“We’re all in this together”
-- English proverb

We live in uncertain times as we adjust to a new economic and social landscape brought on by the global coronavirus (COVID-19) pandemic.

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Read on for our next publication in our “Insights | Thought Leadership” series with a short form article titled “COVID-19: Key takeaways from Singapore’s COVID-19 (Temporary Measures) Bill”. The article summarises the new measures to existing insolvency laws to help companies get through these very difficult times.

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Read on for GRR’s article on Singapore’s plans to temporarily relax insolvency-related obligations due to the coronavirus pandemic and DHC Capital’s viewpoints on the new measures.

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Read on for GRR’s article on Capital World Ltd (SGX: 1D5) filing for restructuring proceedings in Singapore and Malaysia and the appointment of legal and financial advisors. DHC Capital has been appointed as independent financial advisor to Capital World Ltd to advise on the debt restructuring and scheme of arrangement.

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Read on for our next publication in our “Insights | Thought Leadership” series with a short form article titled “COVID-19: Navigating a crisis”. The article identifies several key steps that corporates can immediately take to address the day to day operating challenges and availability of liquidity to get through these unprecedented times.

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DHC Capital has been appointed as independent financial advisor to Capital World Ltd (SGX: 1D5) to advise on the debt restructuring and scheme of arrangement. Capital World Ltd applied to commence a Court supervised process to restructure its liabilities and to seek a moratorium against enforcement actions and legal proceedings by creditors pursuant to section 211B of the Companies Act. The Court granted the application for a moratorium for a period of 6 months. Read on for Capital World Ltd’s announcement on the moratorium.

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Read on for the next publication in our “Insights | Thought Leadership” series with the first edition of our “Guide to super priority rescue financing in Singapore”. The Guide summarises the legislative landscape and recent cases involving super priority rescue financing in Singapore, including Swee Hong Ltd’s successful super priority rescue financing over unencumbered assets (the first in Singapore).

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DHC Capital has been awarded Best Business Restructuring Firm 2020 - South East Asia at the 2020 Singapore Business Awards.

Read on for APAC Insider Magazine’s press release and list of award winners.

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DHC Capital Partner David Chew will be speaking at Asian Legal Business Cross-border Debt Restructuring Forum on a panel titled “Rescue and Distress Financing – Seizing Opportunities for Lenders and White Knights” on 3 September 2020* in Singapore.

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Read on for GRR’s article on Swee Hong Ltd (SGX: QF6) being granted Court approval for the second super priority rescue financing in Singapore; first involving super priority over assets not otherwise subject to any security interest. DHC Capital acted as independent financial advisor to Swee Hong Ltd on the super priority rescue financing and proposed scheme of arrangement.

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DHC Capital Partner David Chew will be speaking at INSOL Cape Town on a panel titled “Developing a Rescue Finance Market – What Does it Take?” on 16 March 2020.

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DHC Capital advised Swee Hong Ltd (SGX: QF6) on the super priority rescue financing pursuant to Section 211E of the Companies Act (the “Act”). The rescue financing has a Court order granting (i) security by way of a first fixed charge over unencumbered assets pursuant to Section 211E(1)(c) of the Act and (ii) in the event of a winding up, priority over all the preferential debts specified in Section 328(1)(a) to (g) of the Act and all other unsecured debts pursuant to Section 211E(1)(b) of the Act.

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Read on for the Business Times article on honestbee’s proposed scheme of arrangement and injection of fresh capital from an investor consortium. DHC Capital has been appointed as independent financial advisor to honestbee.

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Read on for GRR’s article on Design Studio Group Ltd (SGX: D11) filing for restructuring proceedings in Singapore and Malaysia and the appointment of legal and financial advisors. DHC Capital Partner, David Chew was appointed as Non-Executive Chairman and member of the Audit Committee and chairman of both its Remuneration Committee and Nominating Committee to provide support at the Board level for the Court-supervised restructuring.

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Read on for the Business Times article and Design Studio’s announcement on the application to the High Court in Singapore for a six-month moratorium as it seeks to undergo a Court-supervised process to reorganise its liabilities. DHC Capital Partner, David Chew was appointed to the Board as Non-Executive Chairman and Independent Director of Design Studio Group Ltd (SGX: D11) to provide support at the Board level for the Court-supervised restructuring.

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Read on for the Business Times article and Swee Hong’s announcement on entering into a placement agreement with CIIC Group to fund payments to its creditors under the proposed scheme of arrangement. DHC Capital has been appointed as independent financial advisor to Swee Hong Ltd (SGX: QF6).

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David Chew presented at CPA Australia’s Monthly Public Practice Development Program on “Debt restructuring – Recent developments in Singapore schemes of arrangement”. The seminar was fully attended with approximately 80 participants hearing about the legislative reforms in Singapore, SGD bond restructurings, super-priority rescue financing and case studies.

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