Teri Cheng

The debt structuring matters Teri has been involved in include:

• Pacific International Lines – Acted for Heliconia Capital Management (part of Temasek Holdings) on its US$600m investment for the restructuring of Pacific International Lines, which is Singapore’s largest container shipping line and 12th largest in the world.
• KrisEnergy – Advised the Cayman incorporated, SGX listed KrisEnergy Ltd in connection with its restructuring. KrisEnergy is the ultimate holding company of a wider group of companies engaged in the upstream oil and gas sector in Asia, with operating subsidiaries in Bangladesh, Cambodia, Thailand, Indonesia and Vietnam.
• Hyflux – Acted for the Securities Investors Association (Singapore), which represented the informal steering committee for the (a) S$400 million 8% cumulative non-convertible non-voting perpetual class A preference shareholders and (b) S$500 million 6% perpetual capital security holders (collectively “Holders”) issued by Hyflux Limited, in connection with its S$2.64 billion restructuring. The Holders are owed S$900 million.
• Ezra Holdings – Advised the SGX listed company and its subsidiaries on the restructuring of its debt estimated to be some US$1.49 billion. This restructuring involved parallel restructuring processes under both Chapter 11 of the United States Bankruptcy Code and Section 210 of the Singapore Companies Act.
• Emas Offshore – Advised Emas Offshore, which has its primary listing on Oslo Børs and secondary listing on SGX, on its US$910 million debt restructuring. Emas Offshore had an interest in 36 entities incorporated across various jurisdictions including the US, Australia, Brunei, Malaysia and Norway.  
• Bilcare – Advised the judicial managers of Bilcare Singapore, a manufacturer of high-end pharmaceutical packaging, on the restructuring of its debts. This involved the sale of Bilcare’s business and assets to an investor and placing Bilcare under a scheme of arrangement under Singapore law.
• OW Bunker Group – Advised ING Bank N.V and PricewaterhouseCoopers LLP on the receivership of the Singapore entities of the OW Bunker Group. The secured assets were valued at US$490 million and the OW Bunker Group was estimated to be US$1.5 billion in debt.
• Pacific Andes – Advised the SGX listed company and its subsidiaries in its US$2.5 billion debt restructuring. This transaction was awarded the Finance Deal of the Year (Restructuring and Insolvency) at The Asian Lawyer Asia Legal Awards 2017 and won the Asialaw Asia-Pacific Dispute Resolution Award 2017 – Matter of the Year at the Asialaw Asia-Pacific Dispute Resolution Summit 2017. A notable judgment arising from this was Re Pacific Andes Resources Development Ltd [2018] 5 SLR 125
• Bumi Resources – Advised Bumi Resources Tbk and its subsidiaries in its debt restructuring estimated to be over US$5.23 billion. Specific issues dealt with included restructuring the US$700 million guaranteed senior secured notes due 2017, the US$300 million guaranteed senior secured notes due 2016 and some US$375 million worth of bonds. This deal was named the Finance Deal of the Year: Insolvency & Restructuring at The Asian Lawyer Asia Legal Awards 2018 and was also awarded the Debt Market Deal of the Year (Premium) award in the Asian Legal Business SE Asia Law Awards 2018.

IFLR1000: The Guide to the World’s Leading Financial Law Firms
Restructuring & Insolvency 2024 – Rising Star Partner for 4 consecutive years

Previously a Rising Star for 2 consecutive years

Global Arbitration Review 100
Singled out by clients in the 2016 edition of the Global Arbitration Review 100 for her “professional and efficient service”.

Best Lawyers International: Singapore
Insolvency and Reorganisation Law 2023 – Endorsed lawyer

Singapore Business Review
Singapore’s 30 most influential lawyers aged 40 and under 2022

• Member, Singapore Academy of Law
• Member, Law Society of Singapore
• Member, Insolvency Practice Committee, Law Society of Singapore
• Member and Board Member, International Women’s Insolvency & Restructuring Confederation