Leading Associates

Firms To Watch: Restructuring and insolvency

Restructuring and insolvency in Thailand

Herbert Smith Freehills Kramer (Thailand) Limited

Herbert Smith Freehills Kramer (Thailand) Limited‘s practice was bolstered in May 2024 with the arrival of former co-lead of Kudun & Partners‘ team Pariyapol Kamolsilp .

Praxisleiter:

Warathorn Wongsawangsiri; Pariyapol Kamolsilp


Referenzen

‘Experienced, knowledgeable and trustworthy – able to deliver expected works within timeline.’

‘Warathorn Wongsawangsiri – responsive and able to provide practical solutions and understand client’s expectation.

Sornnarin Kongkasem – reliable and able to deliver expected works within timeline.’

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Baker McKenzie LLP

The team at Baker McKenzie LLP is well-known for its capabilities assisting clients with high-stakes and large-scale company restructurings and reorganisations, in both domestic and multi-jurisdictional contexts. The team’s portfolio of clients covers sectors from aviation, to insurance, to real estate. Key practitioners include Karnsuda Oue-Amornrat who advises well-known clients, including renowned regional brands, on issues from day-to-day business operations to the contentious, and Yada Yuwataepakorn whose areas of expertise include crisis management. Wynn Pakdeejit has expertise representing clients in domestic and international insolvency disputes, regarding aspects including tax, customs and compliance. Paralee Techajongjintana‘s areas of expertise include handling contentious and complex debt and restructuring matters, and advising stakeholders on rights during business reorganisations and bankruptcies. Pakdeejit and Techajongjintana co-helm the group.

Praxisleiter:

Wynn Pakdeejit; Paralee Techajongjintana


Weitere Kernanwälte:

Karnsuda Oue-Amornrat; Yada Yuwataepakorn; Nuttawadee Indhawong


Referenzen

‚Nuttawadee Indhawong is knowledgeable and detailed in work.‘

‚The people in the team are professional and attentive.‘

DLA Piper

The group at DLA Piper is well-placed to assist its clients with domestic and cross-jurisdictional complex and high-stakes debt restructurings and business reorganisations. Komson Suntheeraporn is experienced handling contentious issues in the space. Experienced litigator Don Rojanapenkul handles cases at various court levels atop his capabilities handling mediation and arbitration cases and has specialisms in industry sectors from telecoms, to retail, to energy. Finance specialist Waranon Vanichprapa harnesses particular expertise assisting clients including creditors, lenders, bondholders, sponsors and companies on structuring, commercial agreements and risk management as well as with complex and high-value restructurings and company rehabilitations.

Praxisleiter:

Waranon Vanichprapa


Weitere Kernanwälte:

Komson Suntheeraporn; Don Rojanapenkul


Kernmandanten

Kiatnakin Phatra Bank Plc


Siam Commercial Bank Plc


KASIKORNBANK Plc


Stark Corporation Plc


Bank of Ayudhya Plc


Highlight-Mandate


  • Advised Bank of Ayudhya Plc and 8,000 bondholders of ITD Plc, acting for the bondholders of debts THB 15bn and the bondholder’s representative in connection with the debt restructuring of Italian-Thai Development Plc.
  • Advising on the restructuring of Stark Corporation Plc and Phelps Dodge and other subsidiaries.
  • Representing the Siam Commercial Bank Plc as bondholders‘ representative in connection with bond defaults and several rounds of waivers and bondholders meetings requested by the issuer, Energy Absolute Plc, the company best known for its „green bonds“.

Chandler Mori Hamada Limited

Chandler Mori Hamada Limited‘s offering is well-regarded for its experience handling cross-jurisdictional and domestic restructuring and insolvency matters, as well as its ‘strong commercial understanding’. Nathee Silacharoen, V. Joseph Tisuthiwongse and Tawatchai Boonmayapan share leadership of the team; Silacharoen specialises in handling complex and high-stakes insolvency disputes for both local and multinational corporate clients, Tisuthiwongse has expertise in the energy and renewables sectors in particular, and Boonmayapan’s practice ranges from advising on strategic business planning, to representing clients in arbitration and litigation.

Praxisleiter:

Nathee Silacharoen; V. Joseph Tisuthiwongse; Tawatchai Boonmayapan


Referenzen

‘The team is capable of handling complex matters that involves multiple jurisdictions.’

‘The team is very responsive, hardworking, and possesses the required legal knowledge and best practices drawn from their past experience, which I found highly valuable.‘

‚Their contributions made a significant impact on the matters we worked on, particularly in connection with bankruptcy, business rehabilitation proceedings, and related disputes.‘

Kernmandanten

Avolon Aerospace Leasing Limited


Macquarie Aircraft Leasing Services (UK) Limited


Tilleke & Gibbins

The team at Tilleke & Gibbins has well-established capabilities representing clients in complex disputes and advising on all aspects of debt recovery, in sectors including aviation, tech and energy. Dispute resolution expert John Frangos is experienced representing clients in matters involving jurisdictions across Southeast Asia and co-heads the practice alongside Thawat Damsa-ard who also specialises in handling bankruptcy, restructuring and insolvency-related disputes of significant value. Former co-lead Cynthia Pornavalai retired from the team in January 2025.

Praxisleiter:

John Frangos; Thawat Damsa-ard


Kernmandanten

United Overseas Bank


Bank of China


Carlyle Aviation


American Express


Euler Hermes


General Motors Thailand and General Motors Powertrain


Highlight-Mandate


  • Representing an aviation operating and leasing company in claiming $10m in damages in connection with breached Aircraft Lease Agreements on three leased Boeing 737-800 aircraft.

Weerawong, Chinnavat & Partners

Weerawong, Chinnavat & Partners‘ practice is well-equipped to advise its roster of clients, which spans sectors from manufacturing to aviation and real estate, on the remit of restructuring and business reorganisation matters of significant value. Its workload ranges from providing strategic advice to companies, to handling pre-litigation and litigation. Natthida Pranutnorapal heads up the cohort and has experience providing strategic advice to corporate clients in complex restructurings. Also key to the team is Thanawan Kirdsinsap who is experienced assisting with petitions, filings relating to business rehabilitations and bankruptcies. Weerawong Chittmittrapap is also a key name.

Praxisleiter:

Natthida Pranutnorapal


Weitere Kernanwälte:

Suntus Kirdsinsap; Thanawan Kirdsinsap; Weerawong Chittmittrapap


Kernmandanten

Sahaviriya Steel Industries Public Company Limited


Triple T Broadband Public Company Limited


Sahaviriya Plate Mill Public Company Limited


Pace Development Corporation Public Company Limited


Dean & DeLuca Inc.


Thai AirAsia X Company Limited


Soneva (Thailand) Company Limited


Tantakit Company Limited


Italian-Thai Development Public Company Limited


Bazis Development Company Limited


Blue Oceanic Shipyard Company Limited


Phelps Dodge International (Thailand) Limited


Highlight-Mandate


  • Advised and represented Thai AirAsia X Company Limited throughout its business rehabilitation proceedings, involving a debt value of approximately $1.7bn, resulting in the successful court approval of the rehabilitation plan.
  • Represented Italian-Thai Development Public Company Limited (“ITD”) in a strategic debt restructuring process, engaging in negotiations with multiple creditors while focusing on cost control, project planning, and supplier collaboration.
  • Represented Blue Oceanic Shipyard Co., Ltd. by providing strategic guidance on restructuring procedures, including the removal of the former plan administrator.

Kudun & Partners

Kudun & Partners‘ offering is equipped to advise on bankruptcy and insolvency cases, including on corporate rehabilitation strategy and commercial relations management. Spearheading the group are Somboon Sangrungjang who handles complex civil, regulatory and administrative disputes and litigious matters, Niruch Winiyakul who also assists international and domestic clients on the range of insolvency-related disputes, and Kongwat Akaramanee whose workload includes advising on corporate crisis and risk management.

Praxisleiter:

Somboon Sangrungjang; Niruch Winiyakul; Kongwat Akaramanee


Weitere Kernanwälte:

Songpol Pirunsarn


Kernmandanten

Sermsang Power Corporation PLC.


Sino-Thai Engineering and Construction Public Company Limited


4Care Group


Shenzhen Airport Co., Ltd.


Shenzhen Cargo International Co., Ltd.


Shenzhen CTI Pest Management Co., Ltd.


Zipmex Thailand Limited


Country Group Securities PCL.


The Thai Red Cross Society Saving and Credit Co., Ltd.


Highlight-Mandate


  • Representing a leading automotive parts manufacturer facing multiple bankruptcy lawsuits on its rehabilitation petition under court review.
  • Advised the subsidiary of an international producer and marketer of food on risk mitigation strategies in the event of potential rehabilitation or bankruptcy proceedings involving one of its key trading partners.
  • Appointed as the legal counsel of a creditors’ committee; representing every creditor in THAI business rehabilitation proceeding with initial estimated total debts of THB 352.49bn.

Siam Premier International Law Office Limited

Siam Premier International Law Office Limited‘s team’s workload consists of, amongst assisting with other issues, handling corporate rehabilitation proceedings, advising on bankruptcy proceedings and related debt repayment strategy, and advising on debt administration service agreements relating to distressed assets. At the helm are Maythawee Sarathai who advises creditors, liquidators and debtors, amongst others, on related contentious and non-contentious cases, and experienced litigator Somchai YungkarnBancha Wudhiprecha is also recommended.

Praxisleiter:

Maythawee Sarathai; Somchai Yungkarn


Weitere Kernanwälte:

Bancha Wudhiprecha


Highlight-Mandate


  • Advised a group of leading commercial banks as creditors regarding rehabilitation proceedings in the Central Bankruptcy Court.
  • Advised one of the largest industrial manufacturing companies in Europe in relation to the request for repayment of debts in a bankruptcy case to the Legal Execution Department.
  • Advised a SET-listed asset management company on a debt administration service agreement with respect to the sale of a luxury hotel in Thailand by public auction.