10 March 2016
International law firm Watson Farley & Williams (“WFW”) is delighted to announce that the debt restructuring of PT Berlian Laju Tanker, on which the firm advised as maritime counsel to the secured parties under BLT’s approximately US$650 million Senior Secured MLA Credit Facility, including DNB Bank ASA, Singapore Branch, the facility agent, as well as affiliates of Kohlberg Kravis Roberts & Co. L.P. and York Capital, won the “Restructuring Deal of the Year” award at the prestigious International Financial Law Review Asia Awards held at the Island Shangri-La hotel in Hong Kong on Thursday, 3 March 2016.
The deal, the largest debt restructuring in Indonesia in recent years, was part of the wider restructuring of chemical tanker owner and operator Berlian Laju Tanker, which saw a 27 vessel fleet separated into an independent and autonomous entity as part of a debt for equity exchange. It was a challenging exercise from a maritime perspective, with WFW advising on the multi-jurisdictional re-registering and re-flagging of the 27 vessels in one day, demonstrating once again the firm’s unambiguous standing as the leading legal advisor in the sector worldwide. WFW also advised on the creation of the new corporate structure and on co-ordinating the transfer of employees from multiple jurisdictions, including in Singapore.
The multi-jurisdictional WFW team was led by New York Asset Finance partner John Benson, assisted by paralegal Greg Pastore, and with New York Corporate partner Steven Hollander and associate Daniel Berger advising on the corporate aspects of the deal. In Singapore, partners Jonathan Tan and Chien Herr Lee and associates Daniel Zhu and Zhi-Jun Loh advised on the finance aspects of the deal and partner Aaron Kok and associate Mark Jalen Tan lead on the corporate aspects of the transaction. In Hong Kong, Asset Finance senior associate Valerie Lee advised on the deal.
The respected ILFR Asia Awards have recognised innovative deals and law firms from across the Asia-Pacific region based on both their own research and submissions for the past 18 years.