Teri Cheng

Director, Corporate Restructuring & Workouts


  • L.L.B (Hons), National University of Singapore (2011)
  • Advocate & Solicitor of the Supreme Court of Singapore (2012)

Teri specialises in insolvency and debt restructuring and advises debtors, creditors and insolvency office-holders on various areas relating to insolvency and debt restructuring. This ranges from transactional issues to litigation as well as daily operational and management matters.

She also has experience in international arbitrations and has been singled out by her clients in the Global Arbitration Review 100 (2016) for her “professional and efficient service”.

The debt structuring matters Teri has been involved in include:

  • 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.
  • 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 include 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.
  • Ezra Holdings – Advised ing the SGX listed company and its subsidiaries on the restructuring of its debt estimated to be some US$1.49 billion. This restructuring involves parallel restructuring processes under both Chapter 11 of the United States Bankruptcy Code and Section 210 of the Singapore Companies Act.
  • Emas Offshore – Advised ing Emas Offshore, which has its primary listing on Oslo Børs and secondary listing on SGX, on its US$910 million debt restructuring. Emas Offshore has an interest in 36 entities incorporated across various jurisdictions including the US, Australia, Brunei, Malaysia and Norway.  
  • OW Bunker Group – Advised ing ING Bank N.V and PricewaterhouseCoopers LLP on the receivership of the Singapore entities of the OW Bunker Group. The secured assets are valued at US$490 million and the OW Bunker Group is estimated to be US$1.5 billion in debt.
  • KrisEnergy – Advising the 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 its subsidiaries operating in Bangladesh, Cambodia, Thailand, Indonesia and Vietnam.
  • Hyflux – Acting for Securities Investors Association (Singapore), which represents 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 the S$2.64 billion debt restructuring proposed by Hyflux Limited, of which the Holders are owed S$900 million.

IFLR1000: The Guide to the World’s Leading Financial Law Firms
Restructuring & Insolvency 2020 – Rising Star

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

  • Member, Singapore Academy of Law
  • Member, Law Society of Singapore
  • Member, Insolvency Practice Committee, Law Society of Singapore