Hall Of Fame

Next Generation Partners

Restructuring and insolvency in Indonesia

ABNR Counsellors at Law

At ABNR Counsellors at Law, the restructuring and insolvency team impresses across a wide range of mandates, acting for clients in the energy, oil and gas, investment, and financial services sectors. Emir Nurmansyah leads a team, which often advises upon bankruptcy proceedings and liquidation procedures. Nurmansyah is well versed in suspended debt payment proceedings (KPKU) but is equipped to assist with asset swap schemes and the drafting of homolgated composition plans. Theodoor Bakker has considerable experience dealing with Chapter 11 proceedings, acting for a variety of international and domestic clients. Bilal Anwari often provides bankruptcy risk advice, acting for unsecured creditors, noteholders and trustees.

Praxisleiter:

Emir Nurmansyah


Weitere Kernanwälte:

Theodoor Bakker; Ulyarta Naibaho; Bilal Anwari; Adithya Lesmana


Kernmandanten

DEG-Deutsche Investitions-und Entwicklungsgesellschaft (“DEG”)


PT Lodging Management Indonesia, a hotel operator subsidiary of Minor International Plc


PT Petronas Niaga Indonesia (under liquidation)


PT Perusahaan Pengelola Aset (PPA), a subsidiary of PT Danareksa (Persero)


Highlight-Mandate


  • Assisted DEG-Deutsche Investitions-und Entwicklungsgesellschaft (“DEG”) in monitoring the liquidation process of PT Wirajaya Packindo, which includes attending meetings with the Receiver Team on behalf of DEG.
  • Assisted PT Lodging Management Indonesia to monitor the liquidation process of PT Tiara Inti Mulia and PT Cakrawala Usaha Nusantara.
  • Represented PT Petronas Niaga Indonesia (under liquidation) in relation to the filing of a tortious claim by the Plaintiff against PT PLI Indonesia (“1st Defendant”), the Client (“2nd Defendant”), and PT Gowa Motor (“3rd Defendant”) (collectively the“Defendants”) at the Makassar District Court, concerning the alleged tortious act conducted by the Defendants.

SSEK Law Firm

The bankruptcy and debt restructuring practice group at SSEK Law Firm is noted for its expertise in the automotive sector, but possesses experience which extends to the healthcare, energy, and financial sectors. Dewi Savitri Reni is rated for her expertise pertaining to pre restructuring proceedings, and is adept at handling regulatory assessments. She jointly leads the team alongside Ira A Eddymurthy, who is well versed in American, Singaporean and Indonesian bankruptcy procedures. He is the go-to advisor for clients looking for assistance with corporate restructuring proceedings related to sovereign wealth investment. Mahareksha Singh Dillon contributes a significant wealth of expertise. Michael S Carl excels in creditor risk mandates.

Praxisleiter:

Dewi Savitri Reni; Ira A Eddymurthy


Weitere Kernanwälte:

Mahareksha Singh Dhillon; Michael S Carl


Highlight-Mandate


  • Representing the Indonesian subsidiary of a multinational healthcare company in ongoing PKPU proceedings involving its state-owned enterprise-affiliated business partner, with SSEK securing the client’s status as an unsecured creditor to safeguard its voting rights in the restructuring process.
  • Advised a leading multinational consumer healthcare company on the Indonesian aspects of a regional restructuring involving the transfer of majority shares in its local subsidiaries, as part of a strategic move to centralize and grow its over-the-counter business in key Asia-Pacific markets.
  • Representing a power and thermal energy provider in PKPU proceedings triggered by subcontractors following payment delays by a state-owned project owner. Although the client is not the direct debtor, SSEK is contesting the filings to prevent unnecessary insolvency risk and address the misuse of PKPU as a pressure tactic in infrastructure projects.

FKNK Law Firm

FKNK Law Firm has a ‘good understanding of the commercial side of restructuring and insolvency’ and is particularly active in the hospitality, shipping, and finance sectors.  The practice is chaired by Martin Patrick Nagel, who is hailed by clients as a ‘truly standout individual’. He is adept at handling the entire life cycle of a restructuring proceeding, acting for both secured and unsecured creditors. Aldi Firmansyah is an authority in contentious matters, while Ramos Romatua Sidjabat is recognised for his ability in asset transfer negotiations and debt payment postponements.

Praxisleiter:

Martin Patrick Nagel


Weitere Kernanwälte:

Aldi Firmansyah; Ramos Romatua Sidjabat


Referenzen

‚This unique team has a seamless, integrated approach, drawing on specialists from across the firm without creating silos. This ensures clients get a holistic solution, not a piecemeal one.‘

‚They also have good understanding of the commercial side of restructuring and insolvency compared to other lawyers, which makes the solutions proposed more value -preserving and economic.‘

‚Martin Patrick Nagel is a truly standout individual whose reputation and expertise set him apart. His qualities are not just a reflection of the practice; they are a major reason for its success.‘

Kernmandanten

PT Bank Negara Indonesia (Persero), Tbk.


PT Dok & Perkapalan Kodja Bahari


BNI Asset Management


SC Lowy Financial (HK) Limited


PT Bank Mega, Tbk.


PT Mega Capital Sekuritas


Ancora Group


PT Narendra Interpacific Indonesia


Highlight-Mandate


  • Managed the administration for PT Adhi Persada Properti in a complex debt postponement case involving a staggering Rp 4.75 trillion and over 1,000 creditors, achieving a favorable restructuring and debt repayment process.
  • Navigated negotiations whilst acting for PT Dok dan Perkapalan Kodja Bahari (Persero), involving more than 70 creditors and a debt total of Rp 3.7 trillion, culminating in a successful settlement and debt repayment plan.
  • Facilitated a critical debt restructuring for PT Narendra Interpacific Indonesia, involving debts of Rp 4.47 trillion. The firm successfully orchestrated negotiations with a wide array of creditors, including major banks, achieving consensus and approval of the restructuring plan by a majority of creditors.

Assegaf Hamzah & Partners

Boasting experience across a plethora of restructuring and insolvency matters, Assegaf Hamzah & Partners is recognised in particular for its ability to draft and implement master restructuring agreements for market leading clients. Its client roster includes commercial banks, construction companies and pharmaceutical corporations. Department head Eri Hertiawan is particularly well-placed to advise on asset and liability transfers but also demonstrates expertise in a variety of contentious mandates. He is supported by Tracy Tania, who is equipped to advise on a range of relevant matters, including advising on the sale of non-performing loans, and reviewing restructuring documentation.

Praxisleiter:

Eri Hertiawan


Weitere Kernanwälte:

Tracy Tania


Kernmandanten

PT Waskita Karya (Persero) Tbk


Highlight-Mandate


  • Represented PT Waskita Karya (Persero) Tbk in its IDR29.3 trillion restructuring of its financial debts and obligations

KYORA Law Firm

The ‘responsive and solution orientated’ insolvency and restructuring practice at KYORA Law Firm is a reliable contact for domestic corporations and international financial institutions, demonstrating proficiency in a wide array of mandates. Leading the team, Triangga Kamal boasts ‘a lot of experience with insolvency cases’ and is capable of advising on the entire lifecycle of a matter, from the initial suspension of debt payment obligations to the negotiation and construction of the composition plan. Kamal is also considered an authority in bankruptcy work.

Praxisleiter:

Triangga Kamal


Referenzen

‘Responsive and solution orientated.‘

‘Triangga Kamal has a lot of experience with insolvency cases.’

‚Kyora is a law firm with partners and associates who are capable of handling cases and explaining a problem from an objective point of view.‘

Kernmandanten

QNB Bank


PT PP (Persero) Tbk


Credit Suisse


Bank CTBC Indonesia


Taipei Fubon Commercial Bank Co. Ltd


PT Rajawali Nusindo


PT Panasia Jaya Abadi


PT PP Properti Tbk


Highlight-Mandate


  • Assisted PT PP Properti Tbk in the debt restructuring process amounting to USD 1 billion, through the court, based on the suspension of debt payment obligations filed by several vendors of PT PP Properti Tbk.
  • Assisted PT Rajawali Nusindo in the debt restructuring process amounting to USD 200 million, through the court, based on the suspension of debt payment obligations filed by vendor of PT Rajawali Nusindo.
  • Assisted PT Panasia Jaya Abadi in the debt restructuring process amounting to IDR168 billion, through the court, based on the suspension of debt payment obligations filed by its vendors.

Walalangi & Partners in association with Nishimura & Asahi

At Walalangi & Partners in association with Nishimura & Asahi, the team excels in a variety of restructuring and bankruptcy mandates, demonstrating particular strength in matters involving the automotive, energy, and financial sectors. Luky Walalangi is equipped to advise on the full gamut of corporate restructuring matters. Miriam Andreta regularly advises on market sale mechanisms in restructuring proceedings involving real estate and healthcare clients. Hans Adiputra Kurniawan leverages a wealth of regulatory expertise. Walalangi, Andreta, and Kurniawan jointly lead the group alongside Jeanne Elisabeth Donauw.

Praxisleiter:

Luky Walalangi; Miriam Andreta; Hans Adiputra Kurniawan; Jeanne Elisabeth Donauw


Weitere Kernanwälte:

Rainer Faustine Jonathan


Kernmandanten

Accura Law Firm (Denmark)


AEL Indonesia


Airbus


Aozora Bank


Aramis Societe d’Avocats


Ascent Fund III VCC


Bangun Loka Indah, PT


Bank of Ayudhya Thailand


Tokyo Gas Corporation


Tokyo Tatemono


Toyota Tsusho Corporation


Toyota Tsusho Indonesia


TREC, PT


TTLR, PT


United Steel Center Indonesia (USC)


Yamaha Motor, Co., Ltd.


Yamaha Music Indonesia, PT


Highlight-Mandate


  • Acting as legal counsel to Mitsubishi Corporation and its Indonesian subsidiary in its restructuring and swap and assets transfers of their investment participation across 2 significant real property projects against a superblock urban development project of more than USD 350 million where the local partner is one of the biggest real estate Indonesian listed companies, Pakuan Tbk.
  • Representing Ascent Fund III VCC, a prominent venture capital firm based in Singapore, in their investment restructuring in Bumame, one of the biggest innovative tech-enabled healthcare solutions providers in Indonesia, through subscription of convertible notes.
  • Acting as local counsel to Paccor Belgium NV, one of the European leading suppliers of circular and rigid food packaging with integrated recycling capability, in strategizing of restructuring and divestment of all of its shares in PT Innoware Indonesia, a prominent Indonesian company engaging in plastic packaging manufacturing business.

Ginting & Reksodiputro in association with A&O Shearman

Ginting & Reksodiputro in association with A&O Shearman is considered a go-to firm for both domestic and international banks, due to its wealth of expertise in restructuring and insolvency mandates across a number of sectors. The team is jointly spearheaded by Daniel Ginting and Tarsis Halintar, and has aptitude in manufacturing, infrastructure, and agriculture matters. Ginting is noted for his capabilities in debt recovery legal proceedings. Halintar is able to handle the reprofiling of bilateral loans and drafting of master restructuring agreements.

Praxisleiter:

Daniel Ginting; Tarsis Halintar


Weitere Kernanwälte:

Nadzar Furqon


Kernmandanten

PT Perusahaan Pengelola Aset (Persero)


PT Bank Mandiri (Persero) Tbk


PT Bank Negara Indonesia (Persero) Tbk


PT Bank KB Bukopin Tbk


Highlight-Mandate


  • Advising a group of 15 bilateral lenders on the IDR20.8 trillion restructuring of bilateral facilities provided to PT Wijaya Karya (Persero) Tbk.
  • Acting for a private credit fund in connection with a successful workout of a defaulted USD55m facility extended to an Indonesian business person and their group of companies involved in real estate and mining.
  • Representing Deloitte in their capacity as receivers on the sale of DyStar, one of the world’s largest textile chemical groups. The transaction will be led out of Singapore but will require a multidisciplinary team acting across more than 22 jurisdictions including Indonesia.

HHP Law Firm

HHP Law Firm houses a competent restructuring and insolvency practice, which advises state owned enterprises, domestic companies and international corporations on a wide array of matters. The department, which is jointly led by Andi Kadir and Indri Guritno, is active in the private equity, aviation, and banking sectors. Kadir has a strong contentious background, which he uses in high profile debt repayment proceedings. Guritno frequently advises clients on loan repackaging, corporate restructuring and legal due diligence.

Praxisleiter:

Andi Kadir; Indri Guritno


Highlight-Mandate


Hanafiah Ponggawa & Partners – Dentons HPRP

Hanafiah Ponggawa & Partners – Dentons HPRP is particularly impressive in aviation matters involving the aviation sector, but has experience dealing with manufacturing and infrastructure mandates as well. The department, which is chaired by Sartono, is equipped to advise on chapter 11 proceedings, regulatory compliance queries and fraudulent compulsory administration applications. Sartono has particular aptitude in contentious matters, in addition to covering regulatory and contractual issues, and other non-contentious work. Leonardo Richo Sidabutar can act for both secured and unsecured creditors.

Praxisleiter:

Sartono


Weitere Kernanwälte:

Leonardo Richo Sidabutar


Kernmandanten

AerCap


PT Rekayasa Industry (“Rekind”)


CEVA Logistics


Highlight-Mandate


  • Representing AerCap in a USD 25-million Claim in Merpati Nusantara Airlines bankruptcy.
  • Assisting Indonesian contractor, PT Rekayasa Industry, to recover USD 1.4 million in Polish bankruptcy.
  • Achieving a Commercial Court victory for Ceva Logistics, successfully defending the client against a series of applications to have the company placed in compulsory administration.

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills Kramer

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills Kramer houses a bankruptcy and restructuring practice which is renowned for its strong track record in proceedings involving the aviation and private capital sectors. Debby Sulaiman supervises the team and is adept at handling an array of matters, ranging from implementing composition plans to representing clients in bankruptcy and debt payment suspension (KPKU) proceedings. Adrianus (Tommy) Adritomo exhibits strength in high profile contentious matters, regularly dealing with civil litigation and out of court negotiations. Harris Toengkagie joined the team from Makarim & Taira S. in October 2024.

Praxisleiter:

Debby Sulaiman


Weitere Kernanwälte:

Hanny; Adrianus (Tommy) Adritomo; Harris Toengkagie


Highlight-Mandate


  • Represented multiple lessors on the court-supervised debt restructuring of national flag carrier Garuda Indonesia and the proposed repossession and redelivery of aircraft on lease to Garuda, including overseeing implementation of the Garuda composition plan ratified by the Commercial Court, and working with our clients to ensure the airline fulfills its repayment plan.
  • Represented Credit Suisse AG, Singapore in the court-supervised debt restructuring and bankruptcy of Indonesian real estate company PT Bina Bangun Mandiri.

Hutabarat Halim & Rekan

Hutabarat Halim & Rekan is noted for its capabilities in a wide array of restructuring and insolvency mandates, and boasts particular strength in debt focused contentious matters. The team acts for both domestic and international clients, including groups in the manufacturing, hospitality, and real estate sectors. Pheo M. Hutabarat is well versed in loan transfers and the restructuring of security documentation while Asido Panjaitan has a wealth of experience dealing with hostile takeovers. Hutabarat and Panjaitan lead the team alongside Yuris Hakim and M. Fathan Nautika.

Praxisleiter:

Pheo M. Hutabarat; Asido Panjaitan; Yuris Hakim; M. Fathan Nautika


Kernmandanten

Clarios Investment LLC, US and Clarios Delkor Corporation


Highlight-Mandate


  • Advised Clarios Delkor in relation to Legal Support for Tax Deduction (Bad Debt).

Makarim & Taira S.

In Jakarta, Makarim & Taira S.‘ litigation practice group showcases a strong track record in a variety of bankruptcy, insolvency and liquidation mandates. The teams strong contentious capabilities is utilised to assist clients in the technology, hospitality and commercial sectors. The practice is jointly spearheaded by Rahayu Ningsih Hoed  and Rudy Andreas Sitorus. Hoed incorporates a multidisciplinary approach in his practice due to his corporate expertise and regularly advises on the suspension of debt payment proceedings. Hoed excels in both regulatory compliance matters. Lia Alizia left the firm in October 2024.

Praxisleiter:

Rahayu Ningsih Hoed; Rudy Andreas Sitorus


Highlight-Mandate


TnP Law Firm

TnP Law Firm is recognised for its wealth of expertise in internal reorganisations, financial services regulatory compliance and the restructuring of multi million dollar loan agreements. The department, which is jointly steered by Rambun Tjajo and Melissa Butarbutar, demonstrates especially strong activity in the tourism, hospitality and technology sectors. Tjajo's broad focus equips him to advise on insolvency proceedings in the energy, corporate, and banking spaces while Butarbutar is well versed in refinancing investment credit mandates. Ken Prasadtyo is another key name to note in the team.

Praxisleiter:

Rambun Tjajo; Melissa Butarbutar


Weitere Kernanwälte:

Ken Prasadtyo; Frans Sihasale


Kernmandanten

PT Bakrie & Brothers Tbk (BNBR)


Highlight-Mandate


  • Advised PT Bakrie & Brothers Tbk on its proposed quasi-reorganization to eliminate a negative retained earnings balance valued at USD 1.2 billion.
  • Assisted a leading tourism infrastructure developer in Indonesia with the proposed restructuring of its loan agreement with a prominent multilateral development bank, involving a deal valued at USD 248,400,000.
  • Advised a prominent state-owned enterprise in the tourism and aviation sector on refinancing its group and subsidiaries.

UMBRA – Strategic Legal Solutions

UMBRA – Strategic Legal Solutions is active in the financial services, hospitality, and energy sectors, offering domestic clients advice on a variety of restructuring and insolvency mandates. Pramudya Oktavinanda is prepared to handle legal due dilligence, advise on concessional loans and contribute to the ongoing reform of Indonesia's restructuring law. Melati Siregar is noted for her capabilities in insurance matters while Putu Raditya Nugraha excels at obtaining unanimous creditor approval for debt settlement schemes. Alongside Ahmad Zakaria, they lead the practice group.

Praxisleiter:

Pramudya Oktavinanda; Ahmad Zakaria; Putu Raditya Nugraha; Melati Siregar


Kernmandanten

BPI Danantara


PT PLN (Persero) (PLN)


Indonesian Investment Authority (INA)


Highlight-Mandate


  • Acting in the establishment of Badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara).
  • Representing PT PLN (Persero) (PLN) in closing the transaction of restructuring its electricity bill payment system in October 2024.
  • Representing INA on the proposed early retirement of Cirebon-1 coal fired power plant (CFPP) as part of ADB’s Energy Transition Mechanism (ETM) pilot program aimed to address the issue of climate change in Indonesia (Project).