Rajah & Tann Singapore led the first successful debt restructuring of a cryptocurrency company using Singapore’s restructuring regime.
In April 2023, the applicant company, Defi Payments Pte Ltd, obtained leave of the Singapore Court to convene a meeting of creditors for the purposes of presenting a scheme of arrangement for voting by its creditors (“Scheme”). The vote for the Scheme received strong creditor approval of more than 90% by number and in value from each of the two classes of creditors and across the board. Following the vote, the Court granted the sanction of a cryptocurrency scheme of arrangement and the Scheme has since taken effect.
The matter was led by Partner Sheila Ng, and Associates Benedict Tedjopranoto and Naomi Lim. They were supported by Hoon Chi Tern (Partner), Cynthia Wu (Partner) and Melvin Chua (Associate).
Read more about the matter here.
