Restructuring and Recovery
It’s not uncommon for businesses to encounter financial distress, however, with the compounding problems adding to the growing complexity of operational turnarounds and financial restructurings in today’s environment, it can get overwhelming trying to achieve the best outcome that enhances value for a company and its stakeholders.
How Baker Tilly Can Help
We are committed to providing our clients customised solutions that maximise the possibilities for continuing business operations and stakeholder’s value.
With a highly experienced team, we deliver solutions that achieve financial and operational restructuring of businesses while providing regular clear and effective communication with stakeholders.
Our strong relationships with our global member firms ensure a seamless process of services even in complex cross-border situations.
Strong credentials
Backed by a robust track record in negotiating with various government authorities, banks, lawyers, suppliers, and employees, we are well-equipped to facilitate the reorganisation and rejuvenation of businesses in distress.
We have a proven track record in securing recoveries above clients’ expectations:
Tuaspring Pte Ltd (Receivers and Managers appointed)
The Tuaspring Power Plant is a 396MW combined cycle power station, the newest and most efficient power plant in Singapore.
Upon being appointed receivers and managers of Tuaspring we took operational control over the power plant and the associated energy trading required in a Singapore privatised energy sector. The energy trading we undertook achieved results significantly greater than the Bank’s expectations. The plant was successfully sold.
Singapore Flyer (Receivers and Managers appointed)
Singapore Flyer was the world's largest Giant Observation Wheel and is viewed as a strategic asset in the tourism sector of Singapore's economy.
After failing to meet financial obligations to its main lending bank, we were appointed receivers and managers of Singapore Flyer Pte Ltd. We immediately took steps to reverse the loss-making performance of Singapore Flyer. During the receivership, the Flyer traded at an accounting profit after depreciation.
Trading profits and asset realisation enabled the secured creditors to be paid in full and a significant proportion of an unsecured mezzanine debt. This significantly exceeded the expectations of the secured Bank creditor.
First Ship Lease Trust
First Ship Lease provided ship-leasing services on both short and long-term charters on its then-diversified portfolio of 25 vessels. The Trust was in breach of its loan covenants on its USD 425 million secured loan facilities.
Tim Reid, was appointed as a director of First Ship Lease and over a four-year period, he oversaw a significant deleveraging of the Trust, resulting in the Trust having a debt of USD 132 million when Tim resigned. This deleveraging was achieved notwithstanding very difficult trading conditions in the global shipping market during this period when many shipping companies failed.
The Trust was subsequently refinanced and distributions to Unit Holders have resumed.
Restructuring and Recovery Services
We provide specialist solutions in the following key service areas:
- Financial and Operational Restructuring
- Judicial Management
- Receivership
- Scheme of Arrangement & Compromise
- Members’ Voluntary Liquidation
- Creditors’ Voluntary Liquidation
- Court Winding Up
- Monitoring & Special Accountants
- Individual Voluntary Arrangement
- Trustee in Bankruptcy
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| Tim Reid Principal Restructuring, Turnaround & Forensic Advisory |
Victor Goh Partner & Practice Leader Restructuring and Recovery |
Theresa Ng Executive Director Restructuring, Turnaround & Forensic Advisory |
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