Ben Crilly
Professional History
Ben has over 22 years’ experience advising onshore and offshore Boards, corporates, financiers and investors in respect of often contentious and complex cross border transactions and financial and operational restructurings and enforcements. In recent years, Ben has been involved in almost all the major debt restructurings in South-East Asia, with aggregate debt value of over USD40 billion.
Ben’s assignments and clients typically have a cross-border focus including work in Singapore, Indonesia, India, Malaysia, Thailand, Vietnam, Hong Kong, PRC, Taiwan, Australia, the United States, United Kingdom, Europe, Bermuda, British Virgin Islands and the Cayman Islands.
Ben’s strong financial and operational skills play a key role in the analysis and execution of restructuring and associated assignments, and his commercial experience means he is well regarded for establishing and implementing practical solutions to complex business problems and disputes.
Selected Recent Assignments
Financial Advisor to the onshore and offshore Syndicated Lenders to Sapura Energy Berhad (now known as Vantris Energy Berhad), a listed Malaysia oil and gas services company, in respect of the restructuring of approximately USD2.5 billion in term loan facility, trade and revolving credit, and Islamic and sukuk facilities pursuant to a Restraining Order and Scheme of Arrangement in the Malaysian High Court.
Financial Advisor to Asia Development Bank and Munich RE in respect of Vanuatu and Singapore-based Asia Pacific satellite operator, Kacific, the restructuring of USD185 million in senior and junior debt facilities, and its distressed sale.
Financial Advisor to PT Modernland Realty Tbk, in respect of multiple liability management exercises for its USD270 million in secured bonds.
Appointed Replacement Manager of a USD700 million Asian Private Equity fund with investments across Singapore, Malaysia, Vietnam, Thailand and Indonesia, to undertake their valuation, management and realisation on behalf of LPs.
Appointed Liquidators to Sea Lead Shipping Pte Ltd, until recently the world’s 13th largest shipping container group, following OFAC sanctions against it by the US Department of Treasury.
Financial Advisor to IDX-listed SOE Indonesian toll road operator, PT Waskita Karya Tbk, and Indonesia’s Ministry of Finance, in respect of the valuation of the group and its toll road assets and a restructuring of USD2.5 billion secured bank loans and bonds.
Appointed Receiver and Director of a subsea cable infrastructure group, RTI International, pursuant to USD165 million in secured debt facilities to undertake a valuation and distressed sale of its SEA-US and Japan-Australia cable systems.
Financial Advisor to the shareholders and management of Udaan, India’s largest B2B eCommerce platform in respect of its restructuring and distressed sale.
Financial Advisor to a Taiwanese renewable energy firm in respect of the valuation and sale of EUR58 million in restructured debt instruments held in a South-East Asian energy group.
Financial Advisor to a syndicated of global credit funds in respect of their USD500 million secured loan to Indian ride-hailing group, Ola Cabs.
Appointed Director and Chair of Independent Steering Committee to a Hong Kong-based Hedge Fund in respect of a major shareholder dispute.
Financial Advisor to PT Agung Podomoro Tbk in respect of a liability management exercise for its USD300 million in secured bonds.
Financial Advisor and Appointed Director to Great Learning Education, an Indian Edu-tech business and subsidiary of Byju’s by the secured lenders in respect of their USD1.2 billion secured Term Loan B facility.
Financial Advisor to two global credit funds in respect of their USD220 million secured loan to an Indonesian property developer and operator.
Financial Advisor to BULL International Holdings Pte Ltd, the Singapore holding company of a listed Indonesian shipping company, to work with and assist the Company in respect of monitoring services for the benefit of its international lenders and a restructuring of approximately USD450 million international secured long-term facility.
Financial Advisor to the lenders to PT Sri Rejeki Isman Tbk, an Indonesian textile company, in respect of a restructuring of approximately USD1.8 billion in syndicated loan and, bilateral bank facilities and offshore bonds. The restructuring involved a court supervised restructuring in Indonesia (PKPU) with moratorium proceedings in Singapore and the United States.
Financial Advisor to the senior syndicate lenders to Bermuda and Hong Kong-headquartered satellite operator, Asia Broadcast Satellite, in respect of a restructuring of approximately USD500 million in senior and mezzanine debt facilities.
Financial Advisor to a group of 33 syndicated and bilateral lenders to Duniatex, an Indonesian textiles group consisting of 6 businesses engaged in spinning and weaving manufacturing, which defaulted on secured debt in excess of USD1.5 billion and entered a court supervised restructuring in Indonesia (PKPU) with moratorium and recognition proceedings in Singapore and the United States.
Financial Advisor to a group of aircraft lessors to Lion Air Group, an airline group operating in Indonesia, Malaysia and Thailand.
Financial Advisor to PT Bumi Resources Tbk, in respect of on a restructuring of the company’s debt totaling approximately USD4 billion
Appointed Director by a group of private equity funds and international banks to restructure and manage the operational and financial affairs and the sale of an oil and gas exploration and production company in Indonesia.
Financial Advisor to the syndicate and bilateral working capital lenders in respect of a restructuring of their USD500 million facilities to IDX-listed PT Pan Brothers Tbk, Indonesia’s largest garment manufacturer.
Financial Advisor to Titan Infra Energy, an Indonesian coal miner and logistics provider in Sumatra, Indonesia, in respect of a restructuring of its senior syndicated debt facilities and unsecured loans totaling approximately USD800 million.
Independent Financial Advisor to lenders to PT Delta Merlin Dunia Properti, the property arm of Duniatex, which defaulted on secured debt in excess of USD150 million and entered a court supervised restructuring in Indonesia (PKPU).
Independent Financial Advisor to an Indonesian airline company and its subsidiaries in respect of a restructuring of its senior debt facilities of approximately USD300 million.
Appointed Director of Global Beauty International, a company providing non-medical cosmetic treatment services with over 200 centres with 3,000 staff across Hong Kong and South-East Asia including Indonesia, Singapore, Thailand and Malaysia, to review its businesses and implement a turnaround and ongoing management.
Financial Advisor to a group of senior lenders and bondholders (both institutional and retail investors) of IDX-listed PT Trikomsel Oke Tbk, a listed Indonesian mobile phone retailer, in respect of a proposed PKPU restructuring. Subsequently appointed as Director and Chief Restructuring Officer to implement the restructuring.
Financial Advisor to a bank syndicate with outstanding loans of USD750 million to review the operations and cash position of Bayan Resources, a coal business, whilst a major infrastructure and mine ramp up was being implemented.
Financial Advisor to the Modern Group, an Indonesian listed group of companies which owned the Seven-Eleven master franchise in Indonesia and operated over 150 7-Eleven convenience stores throughout Indonesia, which, due to a government regulation, incurred liabilities in excess of USD100 million and ultimately, the closure of all 7-Eleven stores in June 2017. Formulated and negotiated a restructuring proposal with bank creditors, finance companies and over 200 trade creditors, and successfully implemented the restructuring via a PKPU.
Financial Advisor to 22 syndicate lenders to Royal Industries, an Indonesian palm oil refinery company engaged in the processing and exporting packaged cooking oil, margarine, and soap, in respect of its court supervised USD399m restructuring.