Cosimo Borrelli

Chief Restructuring Officer and Financial Advisor to Logan Group Company Limited ("Company"), a Hong Kong listed Chinese real estate developer, with debt in excess of USD9 billion comprising international and local banks, CNY and USD bonds, convertible bonds, and guaranteed notes. Our work included:

• –guiding, and providing advice to the Company and other advisors in establishing a clear, credible and holistic restructuring plan, managing the other advisors of the Company and arranging their work to facilitate the Company’s restructuring in a cost effective manner;
• –providing clear guidance and strategy in respect of the restructuring process and plan and the associated stakeholder relationships and communication;
• –defending winding up petition and other litigation against the Company; and
• –commensurate analysis in support of the restructuring proposal.

Court appointed Receiver and Director of a Taiwanese property development group following a substantial shareholder dispute and resultant litigation and arbitration internationally with a primary focus on ensuring good governance and communication amongst all stakeholders and facilitating the completion of the underlying property development.

Court appointed Receiver and Director of an African-based mining group during substantial litigation and arbitration internationally with a primary focus on protecting and preserving the interests of a major operating subsidiary.

Chief Restructuring Officer (“CRO”) and lead advisor to PT Berlian Laju Tanker Tbk, a dual-listed (Singapore and Jakarta) Indonesian company with a global chemical tanker fleet of 50 vessels operating globally from Jakarta, Hong Kong and US (Southport, Connecticut). The company has debt in excess of USD2 billion comprising a senior secured syndicate of international banks, high yield USD bonds, convertible bonds, IDR bonds, lease, derivative and trade claims and involved in substantial litigation internationally. Work undertaken included stabilising a crisis through implementation of vessel protection measures, cash flow management, restructuring an underperforming fleet and managing conflicting stakeholders and diverse lender groups.

Appointed Director and CRO by a group of private equity funds and international banks to restructure and manage the operational and financial affairs of an oil and gas exploration and production company in Indonesia. Our work includes a review of operations and financial position of the company, understanding the company’s short and long term cash needs, streamline organisational and overhead costs, restructure and operate viable assets and the sale of non-viable assets. Our work led to, amongst others, the development and commencement of production at certain gas fields and the divestment of non-core assets and enabling further capital injection.

Appointed as “tie breaker” Director by shareholders to substantial Asian business. Monitored business and assessed key operational and financial data, implemented governance strategy while working with shareholders to resolve underlying dispute. Undertook special projects at board and committee request.

Financial Advisor to the onshore and offshore Syndicated Lenders to Sapura 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. Our work, which is ongoing, includes:

• –appointment as Director to certain Sapura entities by the Malaysian High Court to protect creditor interests during the restructuring;
• –undertaking a detailed review of Sapura’s financial and operational affairs and establishing the options available to Sapura and the Syndicated Lenders;
• –confirming and establishing options in respect of the company’s short- and long-term cash needs, including establishing rolling 13-week cash flow forecasts;
• –raising of RM300 million in new funding and management of its utilisation;
• –working with Sapura to develop strategies to reduce its cost base and improve operational efficiency.
• –valuation and development of an appropriate sale strategy in respect of Sapura’s non-core assets; and
• –leading restructuring negotiations on behalf of Sapura’s Syndicated Lenders.

Appointed Chairman and sole Director of a Hong Kong Holding company following resignation of the entire board during a shareholder dispute. Assumed full operational responsibility business, facilitated regular monitoring and reporting required to and between key stakeholders. Controlled and facilitated access to information and specific due diligence to assist dispute resolution process.

Appointed Director of Global Invacom, a company listed on The Singapore Exchange Limited. Work involved assisting management to stabilise the business and operations and conducting investigations in respect of the former Chairman and his associates (based in PRC). Also appointed as director and legal representative of primary PRC subsidiary in order to improve governance facilitate associated investigations and the resolution of legal proceedings.

Independent Financial Advisor and Monitoring Accountant to a Bursa-listed international FPSO and OSV company restructure of approximately USD1 billion of loans. Our work included establishing operational and financial position, developing financial model and projections, reviewing short and long term liquidity forecasts and needs, assessing security cover, proposing credible restructuring terms for the loans, ensuring compatibility with cash flow, negotiating restructuring terms, preparing term sheet and driving the implementation of the agreed restructuring. During this process, we identified material cost saving initiatives including reduction in overheads and sale of non-core assets.

Non-Executive and then Independent Director of Jaya Holdings, a company listed on the Singapore Exchange Limited, and member of the Audit, Remuneration and Risk Committees. The role included assisting the Board and its executive team with the ongoing restructuring of its operational and financial affairs, improving stakeholder relationships, the development of new businesses and markets in Brazil, Mexico, Africa and the Middle East and thereafter working with stakeholders to facilitate a sale of the offshore assets and business for in excess of SG$600 million.

Appointed Receivers and directors to subsidiaries of a Hong Kong listed company engaging in real estate development and rental businesses in the PRC, which has defaulted on a secured loan of USD140 million. Our key work included the following:

• –taking control of offshore and onshore subsidiaries of the Group and their assets, including by replacing directors and legal representatives of these entities, changing authorised signatories of their bank accounts and implementing necessary internal and other controls;
• –ascertaining the financial and operational affairs of the Group including developing a short-term and long-term cash flow forecast, and establishing the assets and liabilities of the Group;
• –maintaining and stablising the Group’s operations; and
• –undertaking a competitive sale campaign for the sale of the business or commercial properties including, inter alia, identifying potential buyers, preparing the marketing documents and establishing sale strategy.

Appointed receivers and directors to subsidiaries of a Hong Kong listed group in respect of over USD470 million of liabilities owed to an international real estate investment fund. We were appointed to take control of the offshore investment holding company and PRC onshore project company and underlying assets, which include a residential development of 1.4 million square meter in Jiangsu, PRC. Our primary work included preserving the value of the underlying assets including ensuring the continuation of construction work, restructure the debt and assisting in the recovery of amounts owed to the investor.

Appointed receivers and directors to subsidiaries of a Hong Kong listed group engaging in property development, property investment, property agency services and hotel services in the PRC and USA. Key focus of the work included:

• –taking control of the offshore and onshore subsidiaries of the Group including replacement of company secretaries, directors, CEO and CFO;
• –establishing the current financial and operational position of the relevant entities; and
• –working with the secured lender to stabilise the business and establish restructuring and sale options.

Appointed by the trustee of a family trust a director of a BVI company with a controlling interest holding 75% of a Hong Kong listed company that has substantial manufacturing facilities in PRC and trading operations in Australia and the UK. The Group has more than 4,000 employees with annual turnover of HKD1.8 billion. The Group has been suffering from severe financial constraints (in particular cash flow). Our focus was strategic planning for the Group; and operational and financial restructuring and poor governance. We were appointed to the board of directors (“Board”) of the listed company to:

• –assist the Board to liaise and communicate with various stakeholders, professional parties and regulators;
• –facilitating the conclusion of the independent investigation in relation to the audit issues identified by the former auditor;
• –guiding board through associated litigation;
• –facilitating completion of the outstanding audit accounts for 4 financial years within 9 months;
• –preparation of the budget and cash flow forecast; and
• –establishing longer term sale strategy.

Appointed Director to facilitate turnaround and sale of business and assets of international bunkering and oil trading and storage business and facilitate the resolution of long standing existing litigation. Turnaround phase focused on maximising relationships with key clients and implementing cost cutting measures. Undertook a valuation exercise and established a sales strategy and process including preparation of information memorandum, due diligence and data room materials. Identified and targeted specific possible buyers, facilitated due diligence and negotiated sale. Advised stakeholders in respect of key conditions and closing documentation.

Receivers and Managers and Directors of Jurong Aromatics Corporation, operator of one of the world’s largest petrochemical plants with a project cost of USD2.4 billion (“Project”). Our work involved taking control of the Project, including by replacing directors and managers and implementing necessary internal and other controls; establishing the financial and operational position of the Project; recommending, negotiating and implementing a full scale restructuring, including a full restart and tolling arrangements; undertaking an international sale process of the Project. We also led responses to investigations and enquiries by and negotiations with Economic Development Bureau, National Environment Authority and Jurong Land Corporation. Performance was refined and enhanced and the Project was subsequently sold to Exxon Mobil.

Directors over a Nigerian company, which together with its subsidiaries, engages in the exploration, development, and production of oil and gas properties in Africa, Nigeria. Our work included working with stakeholders to preserve the assets of the Company and work with legal advisors to determine the strategy in respect of the litigation in Nigeria and the UK.

Appointed receivers over shares of a shipping and bulk trading company and directors of 18 subsidiary companies across various jurisdictions by an international bank. Our work involved taking control of and stabilising the businesses, managing the operations of 14 vessels (bulk carriers, LPG and chemical tankers, offshore support vessels) and 30+ ongoing cargo voyages; establishing and reviewing short and long term cash flow forecasts and needs; reviewing settlement proposals; ensuring compatibility of available options with cash flow projections and other options (e.g. litigation); assessing the risks and associated opportunities; and successfully completing a sale process.

Appointed Independent Financial Advisor and subsequently Director by senior lender with an exposure in excess of USD1 billion. The business is one of the leading producers of coal in Indonesia with an interest in a coal concession of more than 21,000 hectares. The primary focus of our work was to establish the real cash position of the company and with that information, determine a reliable short term cashflow forecast for this business on which to base the restructuring of the business, including restarting operations. We also prepared a short term workplan to effect and thereafter developed and assessed the restructuring options available to the business.

Appointed to conduct a financial and operational review of a major forestry business in Indonesia. The fund made an investment by way of bonds and notes issued by a Singaporean SPV. The Business was funded by cash collected in Singapore and controls were in place to ensure that expenditure was reasonable and appropriately approved. The bondholders sought confirmation of cash collection and expenditure procedures (operating in accordance with the underlying agreements and covenant obligations) and to establish whether any of these processes could be made more efficient. The company and investors then agreed a sale strategy which we facilitated as directors.

Appointed Director to a Cayman Islands company formed to act as the general partner of Asian Strategic Capital Fund, L.P., established to make mezzanine investments in privately-owned, medium-sized companies throughout the Asia region. The appointment arose from a disagreement with the current manager and attempts by the LPs to secure control and focus on realising underlying investments.

Appointed sole Director to a Cayman Islands owned group which designed mobile/wireless technologies in Hong Kong and Beijing. Changed directors and legal representatives in order to maintain PRC operations with over 280 employees and successfully maintained PRC operations, completed the sale of various businesses and substantially reduced the net liabilities of the group.

Appointed as Director and legal representative to 5 PRC entities, successfully maintained substantial local operations and negotiated the release of PRC asset attachments with PRC creditors and a dividend to foreign creditors.

Appointed as Director of two special purpose vehicles in order to recover substantial claims on behalf of a major bank. Facilitated arbitration proceedings and bankruptcy proceedings against creditors. Other work involved maintaining statutory records and filings of the companies and negotiating with creditors in relation to a settlement.

Financial Advisor to Keppel and the director to the Floatel restructuring vehicle to conduct an independent review of Floatel’s financial and operational affairs, establish the options available to KOM in respect of Floatel and make and implement the necessary restructuring recommendations. Our scope of work included the following:

• –determine the current financial and operational status of the business ;
• –review and analyse company forecasts and market outlook and establish a reliable long-term valuation for the business and its assets;
• –establish restructuring options and determine the safeguards necessary to protect our clients;
• –lead restructuring discussions with the company and its creditors;
• –confirm short and long term funding requirements, including necessary capital expenditure;
• –assess available restructuring options based on cash flow and other projections and assess associated risks and opportunities; and
• –assist in raising the funding required to facilitate the restructuring.

Led negotiations on behalf of Keppel with other Floatel stakeholders, which included funds and banks and successfully restructured the Floatel’s debt. The restructuring which completed involved, inter alia, a full restructuring of all secured and bond debt reducing the Floatel’s debt and securing new funding.