SINGAPORE Law and Practice Contributed by: Doos Choi, Pierre Dzakpasu, Janelene Chen and Pieter de Ridder, Mayer Brown
8. Case Studies and Practical Insights 8.1 Notable Case Studies Private credit deals are, by their nature, non- public and confidential. In terms of the public domain, we are not aware of any notable litiga -
Protections for Dissenting Lenders Dissenting lenders can take comfort in the fact that they will not be indiscriminately crammed down. The threshold for invoking this power is in fact quite high. A cram-down may only take place if a majority in number representing 75% in value of all the creditors intended to be bound by the scheme have approved the scheme, and if the court is satisfied that the arrangement does not discriminate unfairly between two or more classes of creditors, and is fair and equitable to each dissenting class. 7.10 Expedited Restructurings Singapore offers the pre-pack scheme of arrangement, which enables a distressed com - pany to apply to the court with a pre-negotiated scheme. This can reduce the time required for the scheme to be sanctioned by eliminating the need to call a meeting of the creditors to vote on the scheme (the votes usually being pre-tab - ulated prior to the application being made) and a pre-pack scheme may be sanctioned within two months from the date of application. The court will sanction a pre-pack scheme if it is satisfied that the creditors that are meant to be bound by the scheme have been provided with the information necessary to make an informed decision to vote on the scheme, that sufficient notice of the company’s application has been provided, and that if a meeting of creditors had been convened the company would have obtained the requisite level of approval from its creditors.
tion having been reported. 8.2 Lessons Learned
See 8.1 Notable Case Studies . 8.3 Application of Insights See 8.1 Notable Case Studies and 8.2 Lessons Learned .
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