Andrew Payne

Andrew is widely regarded as one of Asia’s leading restructuring lawyers, with experience of advising on many debt restructuring and special situations transactions. He has advised both creditors and debtors on restructuring and insolvency transactions in Hong Kong (where he is qualified), Singapore, China, Australia, South Korea, Thailand, Indonesia, Vietnam, Malaysia, Taiwan and India.

In the special situations context, Andrew has advised rescue financiers, noteholders, insolvency office holders (including receivers or liquidators), corporates and special situations funds, whether on acquisitions or disposals of distressed assets or the negotiations involving restructuring of those assets. He has also been involved in drafting complex schemes of arrangement in Hong Kong, the Cayman Islands and Bermuda.

As well as his specialist experience in debt restructurings and special situations, Andrew offers clients a wider perspective, drawing on his previous practice in private equity deals, including M&A and equity capital markets work. He has worked on leveraged buy-outs, auction transactions, co-investments and portfolio acquisitions and disposals, as well as on secondaries involving the acquisition or disposal of private equity fund interests.

Andrew was a senior legal counsel at the private equity firm, Clearwater Capital Partners, for three years between 2014 and 2016, which provided him with deep insight into the way private equity works.

Work Highlights

Andrew has led, or been a key adviser, on many Asian-based restructurings and workouts. These include advising:

• a leading Chinese textile conglomerate on the restructuring of their EUR250m exchangeable bonds
• a global oil and gas services provider based in Malaysia in respect of its restructuring of approximately US$3bn of indebtedness
• on the international cross-border aspects of the Zetta Jet bankruptcy in the United States, which involved liaising with Singapore, Australia and U.S. counsel. The transaction involved securing recognition for the bankruptcy trustee and pursuing an investigation against the individuals concerned in the bankruptcy
• bondholders on numerous bondholder restructurings, including those for Shanshui Cement, CP Latina, Videocon, Jaiprakash Associates, CERCG, Hilong and Dr Peng
• a major Indian steel and power company on its negotiations with creditors in Australia and advising on its USD400m restructuring by way of a scheme of arrangement
• a major Indian steel and power company on the restructuring of its Mauritius subsidiary and indebtedness of US$800m
• a major Indonesian coal producer on its negotiations with its creditors and US$1.8bn debt for equity swap
• the Hong Kong branch of a major financial institution in relation to negotiations with a private equity sponsor of defaulting borrowers and guarantors, the execution of an unique lending transaction within a receivership involving a significant bridging loan with offshore and onshore elements, and the negotiation and disposal of the underlying real estate assets through a receivership sale