Clayton CHONG

Matters of significance in which Clayton has been involved in include advising / acting for the following:

• The judicial managers of Xihe Holdings, an oil tanker conglomerate with estimated assets and liabilities over US$1 billion, in connection with the structured sale of Xihe Holdings’ tanker fleet.
• The Miclyn Express Offshore Group in its US$500 million restructuring of its debts and liabilities through a scheme of arrangement in Singapore.
• EMAS Chiyoda Subsea in its US$1.6 billion cross-border debt restructuring exercise, including successfully obtaining recognition of its US Chapter 11 reorganisation plan in Singapore.
• Singapore counsel in the US Chapter 11 bankruptcy of blockchain technology company Terraform Labs and advising on the recognition of the Chapter 11 proceedings and Chapter 11 Plan in Singapore under the UNCITRAL Model Law on Cross-Border Insolvency.
• The ad hoc committee of noteholders in the successful US$3.5 billion cross-border restructuring of SGX-listed Noble Group Limited in 2018.
• The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch in relation to the proposed restructuring of the Design Studio Group through a scheme of arrangement in Singapore, and in successfully obtaining approval of a rescue financing arrangement involving a “roll-up” of pre-petition debts in the seminal decision Re Design Studio Group Ltd [2020] SGHC 148.

Related Practices

• Special Situations Advisory
• Restructuring & Insolvency

• INSOL International, Singapore Chapter, "ESG in Restructuring" (2023)
• Butterworths Journal of International Banking and Financial Law, “Roll-up rescue financing in Singapore: giving old debt senior priority” (March 2021)
• International Insolvency & Restructuring Report 2020/21, “The emergence of debt restructuring regime for corporate groups in Singapore”
• International Insolvency & Restructuring Report 2021/22, “The restructuring of corporate bonds in Singapore”
• International Insolvency & Restructuring Report 2022/2023, “Singapore: The Singapore International Commercial Court and its role in establishing Singapore as a nodal jurisdiction”
• Singapore Academy of Law Practitioner’s Journal (Insolvency and Restructuring), “Section 440 of the Insolvency, Restructuring and Dissolution Act 2018: Restrictions on Ipso Facto Clauses” (November 2019)

The Legal 500: Asia Pacific – The Client’s Guide to the Asia Pacific Legal Profession

• Restructuring and Insolvency – Singapore: Next Generation Partners
• Legal 500 Southeast Asia awards: Restructuring and insolvency Rising Star of the Year