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 in preserving value for a company and its stakeholders.
How Baker Tilly Can Help
At Baker Tilly, we are committed to helping our clients simplify complicated processes and provide customised solutions that maximises the possibilities for continuing business operations and facilitating a full recovery.
With a highly experienced team led by the Principal, Partner, and Director, we are committed to delivering flexible solutions to achieve financial and operational restructuring of businesses while providing regular clear and effective communication with stakeholders.
Our strong relationships between 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 of companies in distress and take charge of the situation.
We have a proven track record in securing recoveries above client expectations:
Singapore Flyer
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 an approximated four-year period, Tim 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.
Borders Pte Ltd
Borders was a well-known retailer for books, magazines, and music and had two sizable retail shops in Singapore. We were appointed as the Interim Judicial Managers, Judicial Managers, and the Liquidators. Our appointment entailed us negotiating with the landlord, coordinating to vacate one of the retail shops over two days conducting a massive book sale and dealing with 2,300 gift card holders.
J.V. Fitness Pte Ltd
The Company owned and operated three gymnasiums under the “California Fitness” brand. The company was very insolvent but had been surviving on pre-paid memberships and training sessions from some 23,000 club members. As liquidators, we negotiated with the landlords, potential buyers and dealt with 23,000 members, some of whom had paid more than $10,000 for the various packages.
During the process, we submitted a comprehensive report to ACRA detailing our findings on the conduct of the officers and former officers of the Company.
Tuaspring Pte Ltd
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 requirements of operating a power plant in the privatised energy sector in Singapore.
We negotiated the sale of the plant which is anticipated to complete shortly once regulatory approvals have been obtained.
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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