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Hong Kong OfficeDechert, 31/F Jardine House, One Connaught Place, Central, Hong Kong, Hong Kong
Daniel Margulies is a partner in Dechert’s financial restructuring practice, concentrating on cross-border restructuring, insolvency and special situations financing matters across Asia. Mr. Margulies has particular experience acting for debtor, creditor, financial institution, private equity and hedge fund clients across Asia, with a focus on South East Asia and has extensive experience working with sponsors on difficult portfolio company situations in emerging markets and finding appropriate solutions to exit such investments.
Mr. Margulies has been recognised as a “Next Generation Partner” for Hong Kong restructuring and insolvency matters by The Legal500 Asia Pacific 2023 and by IFLR1000 2023 and The Legal500 Asia Pacific 2023 for banking and finance matters.
Prior to joining Dechert, Mr. Margulies was a partner at another global law firm.
- Certain holders of the US$200 million 7.99% senior notes due 2021 issued by Knight Castle Investments Limited a wholly owned subsidiary of Shandong Sanxing Group Company Limited in respect of its proposed scheme of arrangement.
- Yestar Healthcare Holdings Company Limited, a leading distributor and service provider of in vitro diagnostic products in the PRC, on its successful restructuring of its New York law governed US$200 million senior notes through a scheme of arrangement in the Cayman Islands.
- Private credit investors on the financing and restructuring of the indebtedness of a data centre business.
- Quiksilver, Inc. in respect of Hong Kong related matters arising from its US$175 million restructuring under Chapter 11 of the US Bankruptcy Code.
- Certain senior secured creditors of Australian-based health-care provider Genesis Care in respect of its reorganisation under Chapter 11 of the US Bankruptcy Code.
- Certain creditors of NMC Healthcare in connection with its US$7.6 billion restructuring.
- Private credit investors in connection with a special situation asset backed financing into a distressed South East Asian conglomerate in advance of a restructuring process.
- Certain holders of the HK$3.11 billion 2.25 per cent. guaranteed convertible bonds due 2022 convertible into ordinary shares of Shimao Services Holdings Limited (the Bonds), a publicly listed Chinese property developer management company.
- Alvotech Holdings SA in connection with its negotiations with its first lien private credit investors and equity holders in connection with its dual New York and Iceland initial public offering.
- HNA Group International & CWT International Limited in connection with the restructuring of their offshore group debts.
- An ad hoc committee of holders of the US$200 million 7.125% senior notes due 2022 issued by Jain International Trading B.V., a subsidiary of Indian listed multinational micro-irrigation, food processing and plastic products conglomerate Jain Irrigation Systems Limited, in connection with the restructuring of the notes through a UK scheme of arrangement.
- A global private equity firm on the restructuring of certain investments in Sirius International Insurance Group.
- First lien and second lien private credit investors on the financing of Kinross International Group Limited’s acquisition of Mitsubishi Corporation’s joint venture interests in a variety of oil and gas fields in Eastern Java held through Kangean Energy Indonesia.
- A consortium of private credit investors on the refinancing and restructuring of the US$235 million indebtedness of Nixon Investments Pte Ltd. (a subsidiary of PT Astrindo Nusantara Infrastruktur Tbk., an energy infrastructure company listed in Indonesia).
- Private credit investors on the financing and restructuring of the indebtedness of PT Energi Mega Persada Tbk., an upstream oil and gas company listed in Indonesia.
- Seadrill Limited and certain of its subsidiaries in their multi-jurisdictional restructuring of approximately US$20 billion of contract and debt obligations.
- A global private equity firm on the restructuring of certain investments made in Singapore based MMI International and the company’s obligations under a US$520 million term loan facility and US$60 million revolving credit facility agreement.
- An international financial institution in connection with the restructuring of Saad Trading.
- An ad hoc committee of holders of the US$300 million 6.5 percent senior secured notes due 2020 issued by Reliance Communications Limited in connection with a proposed restructuring of their claims.
- Noble Group Limited, a Singapore-listed major global commodities trader, in connection with a cross-border restructuring of over US$3 billion of its indebtedness. The cross-border restructuring involved implementing parallel English and Bermuda schemes of arrangement, recognition of the English scheme in the U.S. via Chapter 15 of the U.S. Bankruptcy Code, and, ultimately, a so-called "light touch" Bermuda provisional liquidation procedure. This transaction was named “Restructuring Deal of the Year” by IFLR Asia-Pacific Awards 2019 and “Finance Deal of the Year: Insolvency and Restructuring” by The Asia Legal Awards 2019.
- A secured lender to PT Internux, an Indonesian internet provider, in connection with the restructuring of a senior secured facility through Indonesian suspension of payments proceedings and enforcement of secured claims.
- A committee of lenders to a Chinese electronic payments company in connection with the enforcement of their claims, appointment of receivers and subsequent receivership sale of the company.
- A secured lender on the restructuring of certain debts of EMAS Offshore Limited, a listed Singapore oil & gas logistics services company, through multiple Chapter 11 proceedings in the U.S.
- An ad hoc committee of holders of the US$300 million notes due 2019 issued by CFG Investment S.A.C. in connection with the resolution of their claims against the China Fishery group of companies.
- Certain offshore creditors of PT Bumi Resources Tbk, a listed Indonesian coal miner, in connection with a restructuring of its US$4.5 billion indebtedness through Indonesian suspension of payments proceedings, subsequent exchange offer and Chapter 15 proceedings. The deal won “Finance Deal of the Year: Insolvency and Restructuring” at The Asia Legal Awards 2018.
- A coordinating committee of holders of the US$155 million equity linked notes due 2015 issued by BLD Investments Pte. Ltd. and guaranteed by PT Bakrieland Development Tbk. in connection with a restructuring of the notes.
- An ad hoc committee of holders of convertible bonds issued by Paladin Energy Limited (an ASX-listed mining company) in connection with a proposed exchange offer and debt-to-equity swap.
- A syndicate of secured lenders in connection with the restructuring of the US$230 million senior secured syndicated facility extended to PT Visi Media Asia Tbk., a listed Indonesian pay TV business.
- An ad hoc committee of holders of the US$325 million step up rate guaranteed senior secured notes due 2020 issued by Blue Ocean Resources Pte. Ltd., a subsidiary of PT Central Proteinaprima Tbk., a listed Indonesian aquaculture company, through a Singapore scheme of arrangement.
- PT Asia Pacific Fibers Tbk. in connection with the restructuring of certain notes issued and/or guaranteed by it.
- A secured creditor of PT Asmin Koalindo Tuhup, an Indonesian coal miner, on a restructuring through Indonesian suspension of payments proceedings.
- A bondholder steering committee in connection with the restructuring of the US$175 million senior secured notes issued by Oro Negro Impetus Pte. Ltd., a wholly owned subsidiary of Integradora De Servicios Petroleros Oro Negro S.A.P.I, which is a Mexican offshore rig platform company.
- Niko Resources Ltd., a Toronto Stock Exchange-listed company, in connection with the restructuring of the US$125 million indebtedness incurred by its Indonesian subsidiaries.
- A syndicate of secured lenders to PT Trans Pacific Petrochemical Indotama (TPPI) in connection with the restructuring of its debts through Indonesian suspension of payments proceedings and enforcement of secured claims.
- A secured lender to PT. Sariwangi Agriculture Estate Agency in connection with the restructuring of its debts through Indonesian suspension of payments proceedings.
- PT. Lontar Papyrus Pulp & Paper Industry on the restructuring of the US$425 million notes issued by its subsidiary APP International Finance Company B.V. by way of exchange offer and tender offer.
- A California-based software company in connection with the acquisition of certain intellectual property and other assets from the administrators and liquidators of a group of distressed UK technology companies.
- A syndicate of secured lenders on the restructuring of the US$2 billion indebtedness of PT Berlian Laju Tanker Tbk., a listed Indonesian shipping company, through Indonesian suspension of payments proceedings.
- The secured lenders to PT Buana Listya Tama Tbk., a listed Indonesian shipping company, in connection with the restructuring of a senior secured facility.
- The provisional liquidators of Fu Ji Food and Catering Services Holdings Ltd., a Hong Kong-listed company, in connection with the restructuring of its indebtedness via a Hong Kong scheme of arrangement.
- A syndicate of secured lenders on the restructuring of a US$250 million senior secured syndicated facility extended to the Canadoil group of companies through Thai business rehabilitation proceedings.
- An ad hoc committee of holders of the US$325 million 11 percent guaranteed senior secured notes due 2013 issued by Blue Ocean Resources Pte. Ltd., a subsidiary of PT Central Proteinaprima Tbk., a listed Indonesian aquaculture company, through a Singapore scheme of arrangement.
- A bondholder steering committee in connection with the restructuring of the US$119 million variable rate guaranteed senior secured notes due 2014 issued by Davomas International Finance Company and guaranteed by PT Davomas Abadi Tbk.
- Asia Pulp & Paper Company Ltd. in connection with its restructuring of approximately US$14 billion in group debts, the largest Asian restructuring to date.
- A group of international creditors in connection with the restructuring of approximately US$800 million of indebtedness incurred by PT Kertas Nusantara through Indonesian suspension of payments proceedings.
- An ad hoc steering committee on the restructuring of the US$160 million notes due 2012 issued by a subsidiary of PT Arpeni Pratama Ocean Line Tbk., a listed Indonesian shipping company, in connection with a restructuring of its indebtedness through Indonesian suspension of payments proceedings.
- A bondholder steering committee in connection with the defaulted US$150 million convertible bonds issued by China Milk Products Limited, a Cayman incorporated issuer, listed on the Singapore Stock Exchange, with operating assets in China.
- A wholly owned subsidiary of PT Mobile-8 Telecom Tbk., now PT. Smartfren Telecom Tbk., a listed Indonesian telecommunications company, on the restructuring of US$100 million notes due 2012 through a UK scheme of arrangement.
- Deutsche Bank on the restructuring of US$365 million fully convertible debentures issued by a leading Indian real estate company.
Includes matters handled at Dechert or prior to joining the firm.
- Emerging Markets: Latest Restructuring Trends — 2023 Dechert Distressed Investing Forum, Dechert LLP – New York, NY (November 1, 2023)
- 2023 Debtwire Asia Pacific Forum - Managing complexities in Asian Credit – Hong Kong (October 10, 2023)
- JP Morgan Asia Credit Bootcamp — Restructuring Tools & Trends, Singapore (November 1, 2022)
- Enter the Dragon: Recent Updates from Asia, 2022 Dechert Distressed Investing Forum, Dechert LLP – New York, NY (October 27, 2022)
- NY markets under attack or relief for sovereign issuers? (IFLR.com, August 10, 2023)
- Report on Bond Restructuring (Singapore Academy of Law, Law Reform Committee, March 2023)
- Sri Lanka debt restructuring woes: no end in sight (IFLR.com, November 16, 2022)
- Sri Lanka debt restructuring woes no end in sight (Winter 2022 edition of the International Financial Law Review)
- Worse Things Happen at Sea? - Genting Hong Kong Limited (Second Quarter 2022 edition of INSOL World (the quarterly journal of INSOL International))
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- University of Bristol, B.A., Hons.
- College of Law, London, LLB, Hons.
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- Hong Kong
- England and Wales