Maritime and offshore restructuring in Singapore: A safe harbour?

新法律使新加坡对寻求重组的公司更具吸引力, 但它会成为亚洲债务重组的首选司法管辖区吗?

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17 min read

新法律使新加坡对重组更具吸引力

The maritime and offshore (M&自全球金融危机以来,O)行业经历了近10年的困境. Overzealous ordering of newbuild vessels during the boom years, 廉价信贷和不断增长的全球需求的诱惑使其得以实现, has left many sectors of the maritime industry oversaturated.


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最引彩票软件注目的例子可能是2016年韩进海运的倒闭, 在集装箱运力供应过剩和市场环境不确定的情况下,该公司背负着巨额债务. 该公司的失败进一步增加了集装箱市场的压力, bringing the Baltic Dry Index crashing below 1,000 and depressing charter rates and vessel values. 类似的问题也普遍存在于目前境况不佳的离岸市场, which has seen capex plans curtailed rapidly. Following a study of 44 offshore supply vessel companies, global consulting firm AlixPartners has predicted a number of insolvencies in Southeast Asia in the next 12 to 18 months and highlighted the fact that the current vessel scrap rate is only around 13 percent of what is required to combat the vessel glut.


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2016年和2017年发生的事件导致整个行业现金流不断减少,债务堆积如山, particularly in Singapore and Asia-Pacific in general, where the key M&在大多数情况下,O型银行必须立即面临再融资压力. In fact, Marine Money magazine has suggested that between six and eight M&总部或总部设在新加坡的业务将在不久的将来寻求重组解决方案.

With market recovery still uncertain, 该地区的债务国可能很快就不得不寻找新的和现有的资金来源,以保持流动性. 传统的航运银行和贷款机构已经逐渐降低了它们的M&O exposure, which may exacerbate liquidity issues for debtors.

BANKS SELLING OUT M&O EXPOSURE (APPROXIMATE TOTAL EXPOSURE; US$)

HSH Nordbank
US$17 billion

NordLB
US$16.7 billion

Commerzbank
US$4.8 billion

KfW IPEX
US$6.6 billion

Lloyds Banking Group
US$2.6 billion

    
在一定程度上,其他来源如直接贷款、基金寻求M&O debt, and equity have been able to meet the shortfall, 历史上在该领域并不活跃的银行和基金管理公司也同样如此. These sources have aided a number of proactive debtors and may be able to do the same for others facing a refinancing in the short to medium term.

DEAL EXAMPLES: FUNDS BUYING INTO M&O

Oaktree:
莱斯银行和德国商业银行分别提供7.5亿美元和3.8亿美元航运贷款.

Davidson Kempner:
US$500 million shipping loans from Lloyds.

Brookfield:
以7.5亿美元收购Teekay Offshore Partners 60%的股份.

Oak Hill and Breakwater:
Acquisition of 50 percent of Odfjell SE.

    
There has been some criticism that restructurings in the sector are only 'sticking plasters' for the problem rather than wholesale solutions. 这主要是由于该部门主要债权彩票软件的构成, 谁不愿在低迷的市场中明确自己的立场. As a result, a number of restructurings designed to provide additional liquidity and a runway for a company attempting to survive any downturn in fortunes have relied on a recovery in the M&O market—a recovery which has yet to manifest itself.

事实可能证明,新加坡新实施的重组机制优于美国和英国的成熟框架

EXAMPLES OF DEDICATED M&O FUNDS RAISED SINCE 2012

MC-Seamax
US$200 million

CarVal
US$252 million

KKR
US$580 million

JPM Global Alternatives
US$300 million

Navigare Capital
US$300 million

Fleetscape Capital
US$400 million

    
Over the next 12 months, M&O players around the globe will be attempting to shore up their balance sheets and emerge from the downturn by taking advantage of developing opportunities. 新加坡新实施的重组制度可能会受到欢迎,因为它创造了实现这些目标的可行手段, under the right circumstances, it may even prove preferable to the well-established M&O重组框架的美国第11章和英国的安排计划.


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Along with New York law, 英国法仍然是主导金融单据和商业合同的法律&O world

 

Reworked Singaporean regime

由于《彩票软件大全》,新加坡的重组和破产法律发生了一些变化, amending the Singapore Companies Act, which came into effect on 23 May 2017.

In particular, 该法律试图将第11章中一些更有力的工具转换为新加坡法律, as well as easing access for foreign companies to the country's restructuring processes (the Judicial Commissioner of Singapore has referred to the 'cherry-picking' of restructuring tools in order to produce a hybrid system). 这些重组工具包括救助融资和改进安排计划的框架.

 

Rescue financing

新的救助融资条款类似于美国的请愿后融资模式, thus enabling Singaporean courts to rank creditors contributing to the restructuring process ahead of other parties attempting to recover debt from the relevant company. 这种融资可以用以前有担保的资产和无担保的资产进行担保, and on a subordinated, pari passu or senior basis.

 

Improved schemes of arrangement

已经修改了安排计划的立法框架,以增加其作为国际改组工具的效用.

Moratorium

新加坡法院现在有权在公司重组谈判和实施过程中暂停执行, which includes an automatic global moratorium of up to 30 days, as soon as the application is received. 暂停的范围可以扩大到相关公司,如子公司, and also direct and indirect holdings.

Cram-down

Furthermore, in certain circumstances, the court can 'cram down' creditors that oppose an arrangement or compromise and bind them to accept an outcome—a hybrid of equivalent powers in English and US chapter 11.

Pre-packs

In cases where there are pre-negotiated compromises, 法院可能不需要召开债权彩票软件会议(i.e., as a 'pre-pack' solution), 尽管也有保障措施来保护债权彩票软件的权利.

In particular, 新规定增加了关于提议的妥协或安排的信息透明度, thus enabling creditors to assess the situation more easily. These parties have been given the right to apply to the court to vary or terminate the moratorium and to prevent the company from dissipating its assets.

SELECTED M&O SCHEMES OF ARRANGEMENT

Berlian Laju Tanker
2015

TORM
2015

Ocean Rig
2017

Seadrill
2017

    
    

SG$38 billion

2020年到期的新加坡公司发行债券的总本金.

Source: Bloomberg

Cross-border complexity

M&O restructurings are often complicated due to the intricacy of the businesses and capital structures for many companies in the sector—and the inherently international nature of the assets. Not only are M&O企业几乎无一例外地按照覆盖多个司法管辖区的极其复杂的公司和资本结构进行分类, in addition, 许多这样的结构在以前的重组中变得更加具有挑战性.

跨境问题往往给债权彩票软件和债务彩票软件都带来麻烦, and it is worth remembering that participants in the M&O部门高度依赖其业务的不间断连续性. This means that restructuring solutions must protect these companies from value-destructive scenarios such as vessel arrests or termination of charters and key contracts.

In addition, the interaction between cross-border insolvency law and maritime law is rarely straightforward and is often complicated by varying requirements of different jurisdictions where a vessel might be flagged or located, the domicile of the business, 有关文件的适用法律以及最终寻求重组解决方案的管辖权.

 

13%

目前OSV的报废率是对抗船舶供过于求所需的13%.

Source: AlixPartners

Lessons learned

Multiple M&在全球金融危机之后的O重组中,发现了一些在并购时需要考虑的不那么明显的因素&公司陷入困境,正在寻求重组的解决方案.

Changes to lender composition

One of these is the shake-up of the lending landscape. A number of the traditional shipping banks (including, for example, 德国商业银行(Commerzbank)和HSH Nordbank)一直试图剥离旗下M&O positions over the last few years. While certain institutions, such as the Nordic banks, are maintaining their positions, 非传统融资方,如基金(包括专业航运基金)和美国银行(如美银美林), Wells Fargo and Citi) are increasingly taking over M&O positions. 这为该行业提供了至关重要的流动性,并可证明在融资方面更具灵活性, but often at the cost of increased pricing, 更严格的契约和可能更激进的策略.

Role of ECAs

另一个需要考虑的因素是出口信贷机构(ECAs)的作用。. ECAs, which have traditionally been less familiar with restructurings—although this is rapidly changing—are not commercial lenders and thus operate with different incentives. In addition, 值得记住的是,他们的行动和决定可能受到法律的约束, regulation or policy.

Beyond the balance sheet

许多重组的动机是希望解决不利的期限问题,并避免金融债务违约. However, it is increasingly clear that many M&企业只有采取更广泛的操作措施,才能实现全面的解决方案.

Consensus in chapter 11

In the context of chapter 11, 各利益攸关方之间达成有意义的共识也很重要, or at least among the secured creditor class, 因为很少能在M&O restructuring without it. In fact, since 2011, all M&在没有债权彩票软件支持的情况下,破产法第11章的诉讼失败了. 尽管立法允许压制持不同意见的债权彩票软件, achieving this requires strict conditions to be met (such as the eventual full repayment of crammed down creditors and the requirement of an impaired accepting class).

SELECTED M&O CHAPTER 11 CASES

Eagle Bulk Shipping
2014

Excel Maritime Carriers
2014

Genco
2014

Overseas Shipholding Group
2014

Nautilus Holdings
2015

Windland Ocean Shipping
2015

Ezra Holdings
2017

EMAS Chiyoda Subsea
2017

Seadrill
2017

     
     

Sector differences

Finally, recognising the numerous sector differences is key. 一方面,航运公司和船东之间有几个区别, and offshore drillers and service providers on the other. 因此,这两个部门的利益相关者和目标将有很大的不同.

离岸市场往往比航运(这是一个高度商品化的领域)更不灵活。, and also tends to require significantly higher capex investment.

这些差异突出了进一步区分箱式运输和散装运输的必要性, ship owners and liners, drillers and subsea developers, 每个集团对任何重组都需要自己量身定制的方法.

 

To compete effectively with established M&作为重组的中心,新加坡必须获得业界的信任

Market acceptance for Singapore

理论上,新的新加坡重组工具非常适合M&O restructurings, 但它们是否会在实践中得到主要参与者的接受还有待观察. 救援融资取决于是否有一个市场愿意在灵活的基础上迅速提供信贷. Despite the new statutory protections, debtors in the Singapore market may not find adequate rescue financing if the market does not develop quickly enough to compete with the highly developed US market for 'post-petition' financing.

第11章的全球停留是“自动的”,只有在美国法律的情况下才可以这样做, in theory, be ignored outside of the jurisdiction of the US courts, 但大多数国际投资者因担心在美国被判藐视法庭而无所适从, as they will almost certainly have some degree of US interests. While many creditors of M&O businesses are likely to have some presence in Singapore—in particular those active in the lending market in the region—they are unlikely to reach the ubiquity of creditors with US interests.

US CHAPTER 11 AND M&O RESTRUCTURINGS

在需要正式重组程序的情况下, 美国破产法第11章是M . M .应用最广泛的程序&债务重组,因为债务彩票软件可用的许多工具都非常适合这些情况. In general, this is an extremely flexible procedure, 根据案件的具体情况,允许各种定制的结果.

The debtor-in-possession structure preserves business continuity by allowing existing management to continue running the business while the restructuring is ongoing. It can also protect assets from value destruction by aggressive creditors and—in certain circumstances—'cram down' dissenting creditors and force them to accept a solution, thus reducing the risk of holdout creditors.

Financing for entities in chapter 11 (known as 'DIP financing') is readily available and comes with a number of protections including super-senior ranking or priming of existing security, if needed.

全球的债权彩票软件很可能会坚持自动偿还, 在全球范围内,一旦申请完成,就保留业务及其资产, 因为大多数商业实体都不愿意在藐视美国法院的情况下行事.

Chapter 11 will not always be the ideal solution, particularly as the process can be expensive and time-consuming.

As a formal insolvency proceeding, 它可能引发金融文件和商业协议的破产违约.

每个案例都需要进行稳健的分析,以确定是否以及如何使用第11章来实现M&O restructuring, 以及是否有其他地方或国际进程可以更好地实现所有利益攸关方所寻求的结果.

Source: White & Case

    
Along with New York law, 英国法仍然是主导金融单据和商业合同的法律&O world and it is, as yet, 不确定这些司法管辖区的法院将如何应对通过新加坡法院实施的重组. 即使新加坡是允许妥协的外国法律义务, 不能保证该裁决会在英国得到承认(根据“吉布斯原则”), and accordingly, 在英国法院就特许状和财务文件提起新诉讼的风险仍然存在.

The extensive jurisprudence and relative certainty surrounding the English scheme and chapter 11 make these frameworks attractive to both creditors and debtors. The sanctioning of the TORM scheme by the English courts in 2014, and approval by the US federal bankruptcy court of a chapter 11 reorganisation plan relating to the indebtedness of EMAS Chiyoda Offshore earlier this year have cemented the impression that these jurisdictions facilitate the proper implementation of even high-pressure, time-sensitive restructurings, with minimal business interruption.

A number of M&O安排计划发生在英国以外的其他普通法司法管辖区,包括百慕大(Seadrill), 开曼群岛(海洋钻井平台)和新加坡(Berlian Laju油轮). The fact that schemes in these jurisdictions are able to make use of English jurisprudence grants stakeholders comfort that there will be some certainty to the process.

To compete effectively with established M&作为重组的中心,新加坡必须获得业界的信任s' businesses, banks, 以及最终引导他们找到解决方案的顾问. These stakeholders will require convincing that a restructuring in Singapore would produce a superior outcome compared to chapter 11 or an alternative process. Despite these challenges, EMAS Offshore和Nam Cheong等案例已经表明,区域性企业热衷于利用这一新趋势, local regime.

 

Looking ahead

新的新加坡机制是亚太大国重组工具箱中受欢迎的新成员&O sector and beyond.

采纳了美国和英国体系中许多最有用的元素,在纸面上形成了一个强有力的重组机制, 还有一个好处就是为当地债务彩票软件和债权彩票软件消除了跨境不确定性的又一个因素.


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It remains to be seen, however, 新加坡是否会成为亚太M的首选司法管辖区&O restructurings in the short term, or whether the market will need more time to mature and develop before large-scale cross-border restructurings become the norm ahead of chapter 11 or a solution in England. The deciding factor will be whether market participants believe Singapore's regime is capable of dealing with the very complex nuances of M&O restructurings.

 

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本刊物仅供参考,并不构成法律意见. This publication is protected by copyright.
© 2017 White & Case LLP

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