GRR Live Singapore: How to turn a bad hand around

GRR Live Singapore: How to turn a bad hand around

04 April 2019

Last weekend saw a rare public demonstration in Singapore by retail bondholders who say they've been shut out of the restructuring process for water treatment company Hyflux. Amid news Hyflux’s proposed rescue plan has collapsed, delegates at GRR Live earlier this week shared ideas on how to turn a bad hand in a restructuring into a winning one.


David Zemans

Milbank LLP

David H. Zemans is the Managing Partner of the firm's Singapore office and Milbank’s Asia Practice and a member of the firm's Global Executive Committee.  David has been based in Singapore since 1997 and has extensive experience advising clients on many of the largest and most complex cross-border restructurings to have been successfully completed in Asia. 

Jacqueline Chan

Milbank LLP

Jacqueline Chan is a partner in Milbank’s Singapore office and was previously resident in the firm's Hong Kong office.  A recognized leader in her field, Jacqueline regularly represents many of the largest private equity and sovereign wealth funds, corporations, investment banks and financial institutions on complex restructurings, international M&A leveraged and acquisition finance transactions across the globe.

Keynote Speaker

M. S. Sahoo

Chairperson, Insolvency and Bankruptcy Board of India

Dr M. S. Sahoo currently serves as Chairperson of the Insolvency and Bankruptcy Board of India. He has served as a Member of the Competition Commission of India, Secretary of the Institute of Company Secretaries of India, Whole Time Member of the Securities and Exchange Board of India, Economic Adviser with the National Stock Exchange of India and held senior positions in Government of India as a member of Indian Economic Service.

Dr. Sahoo has substantially influenced reforms in India securities markets over the last two decades. He is credited with a few landmark orders, including disgorgement, and settlement of securities market infractions, and significantly contributed to development of securities jurisprudence. Dr. Sahoo has been a Member / Chairman of several committees set up by Ministry of Finance, SEBI, RBI, IRDAI, and WDRA.


Justice Aedit Abdullah

Supreme Court of Singapore

Nick Gronow

FTI Consulting

Ashok Kumar


Sushil Nair

Drew & Napier

Sinjini Saha

Milbank LLP

Cyril Shroff

Cyril Amarchand Mangaldas

Debby Sulaiman

Hiswara Bunjamin & Tandjung

Darius Tay


Hui Choon Yuen


Wilson Zhu

Rajah & Tann


12.30: Registration and networking lunch kindly hosted by Milbank LLP

13.00: Chairs’ opening remarks

David Zemans, Milbank LLP
Jacqueline Chan, Milbank LLP

13.10: Keynote speech

M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India

13.40: Session one: A stock take of developments in restructuring and insolvency regimes in Asia, from Singapore to India. 

Over the past few years, Singapore and India have undertaken some exciting and extensive reforms in their restructuring and insolvency regimes. Looking at where we are in 2019, distressed situations in each of these countries have proliferated, and opportunities to find creative solutions are constantly being discussed. How have these regimes fared under such testing by the market?

David Zemans, Milbank LLP

Justice Aedit Abdullah, Supreme Court of Singapore
Ashok Kumar, BlackOak
Sushil Nair, Drew & Napier 
Sinjini Saha, Milbank LLP
Cyril Shroff, Cyril Amarchand Mangaldas

14.40: Coffee break

15.10: Session two: Roundtable discussion: Increasing your leverage in a restructuring in Asia

Finding leverage in a restructuring is an art: knowing when to move, where to move and whom to apply pressure to. Asian restructuring scenarios such as UTAC, BLT, Noble, Hyflux, and other complex situations have shown the value of applying leverage in arriving at positions. Sometimes the answer to leverage is structural, sometimes it is financial, and every so often it’s a completely new idea. But whichever, mastering the art requires a working knowledge of an ever changing legal and structural landscape.

In this session, leading names from across the restructuring market will use real life examples to discuss the art of leverage along with the essential question: would those techniques still bear fruit today?

Questions they are expected to discuss include:

  • How do you get leverage over structural subordination to local onshore creditors?
  • Is there a value in using Chapter 11 or a UK scheme of arrangement to complete Asian restructurings?
  • Are there different leverage strategies you would use across different jurisdictions?

Jacqueline Chan, Milbank LLP

Nick Gronow, FTI Consulting
Debby Sulaiman, Hiswara Bunjamin & Tandjung
Hui Choon Yuen, WongPartnership
Wilson Zhu, Rajah & Tann 

16.10: Coffee break

16.40: Session three: The espresso version of the GRR Live Question Time 

A firm favourite, the GRR Live Question Time, will offer the audience a chance to propose their own questions in advance of the session. The audience are given an excellent opportunity to discuss their own questions directly with a panel of leading names, getting the answers they want to know about topical issues in restructuring.

Jacqueline Chan, Milbank LLP

Darius Tay, BlackOak
Debby Sulaiman, Hiswara Bunjamin & Tandjung
Hui Choon Yuen, WongPartnership

17.10: Chairs’ closing remarks 

David Zemans, Milbank LLP
Jacqueline Chan, Milbank LLP

17.20: Close of conference


Maxwell Chambers, 32 Maxwell Road, #03-01, Singapore 069115


  • "GRR conferences aren't time wasters. They always frame incisive  topics and attending is always value..." - Smitha Menon, Wong Partnership

  • "Very good and interactive discussion with knowledgeable and experienced panellists." - Jason Yang, Virtus Law LLP

Ticket Prices

Private Practitioner
Type Price Until
Super Early £250 22 Feb 2019
Early £300 22 Mar 2019
Standard £400 01 Apr 2019


Type Price
Standard £0