Restructuring and insolvency in Thailand

Baker McKenzie LLP

Counting creditors, corporate debtors, financial institutions and distressed debt purchasers among its key roster of clients, Baker McKenzie LLP focuses on corporate and debt restructurings, advising on the divestment of distressed businesses, and devising onshore and offshore fund raising structures. Wynn Pakdeejit, who has considerable experience in insolvency and debt restructuring proceedings, jointly leads the team alongside, Paralee Techajongjintana, whose expertise lies in financial restructurings, stakeholders’ rights under bankruptcy and business reorganisations. Piyapong Panyachiva, who advises on debt restructurings, business rehabilitations and bankruptcy matters, is another key contact in the practice.

Responsables de la pratique:

Wynn Pakdeejit; Paralee Techajongjintana,

Autres avocats clés:

Piyapong Panyachiva

Les références

‘The team are pleasant to work with.’

DLA Piper

DLA Piper handles contentious restructuring and insolvency matters, including investigations, litigation and enforcements, as well as advising major banks, financial institutions, funds, corporate borrowers and lenders on financial and debt restructuring mandates. Waranon Vanichprapa, who acts for Thai and international banks in restructuring and bankruptcy issues, jointly leads the team alongside Timothy Tan, who has experience advising on debt restructuring transactions across Asia. Komson Suntheeraporn acts for creditors in rehabilitation proceedings and is another key contact in the team.

Responsables de la pratique:

Waranon Vanichprapa; Timothy Tan

Autres avocats clés:

Komson Suntheeraporn

Principaux clients

Bank of Ayudhya Public Company Limited

CIMB Bank (Thai) Public Company Limited

ASM Security Management Co., Ltd.

Deutsche Bank, Hong Kong Branch

Tata Steel UK

Platinum Partners Value Arbitrage Fund

SSG Capital


Clearwater Capital Partners

Christopher Kennedy and Matthew Wright of RHSW (Cayman) Limited

Principaux dossiers

  • Advising and representing both and all of the bondholder representatives in the court-supervised rehabilitation proceedings of Thai Airways International PCL.
  • Representing Deutsche Bank in implementing a multi-jurisdictional security enforcement strategy and potential debt restructuring in respect of its USD120 million multi-tranche facilities made available to Kaisa Group Holdings Ltd.
  • Representing a proposed white-knight investor in Royal Chemie in respect of the ongoing debt restructuring and recapitalisation of the group.

Weerawong, Chinnavat & Partners

Weerawong, Chinnavat & Partners works domestically and internationally, with demonstrable experience in bankruptcy, insolvency and restructuring matters, and provides integrated, multi-disciplinary services in pre-litigation, litigation and out-of court restructurings. The team is led by Natthida Pranutnorapal, who has experience in business reorganisations and insolvency matters, while senior counsel Suntus Kirdsinsap acts for clients in debt restructurings and bankruptcy proceedings. Senior partner Weerawong Chittmittrapap remains a key contact in the practice.

Responsables de la pratique:

Natthida Pranutnorapal

Autres avocats clés:

Suntus Kirdsinsap; Weerawong Chittmittrapap

Principaux clients

Sahaviriya Steel Industries Public Company Limited

EY Corporate Advisory Services Company Limited

Triple T Broadband Public Company Limited

Export Import Bank of the United States

Jasmine Public Company Limited

Sahaviriya Plate Mill Public Company Limited

Bridge View Company Limited

Pace Development Corporation Public Company Limited

BravoNext S.A.

Allen & Overy (Thailand) Co, Ltd

Allen & Overy (Thailand) Co, Ltd has demonstrable experience in large-scale debt restructuring and reorganisation mandates in Thailand, and is well-placed to leverage the firm’s international reach to assist on cross-border restructurings and insolvencies. Noted for her expertise in the aviation sector, Sarah Wilson leads the practice, while senior consultant Stephen Jaggs acts for clients across the transport, power, renewable energy and infrastructure sectors on financial and debt restructuring matters. Senior consultant Dumnern Subpaisarn, who has experience in bankruptcy and rehabilitation proceedings, is another key contact in the team.

Responsables de la pratique:

Sarah Wilson

Autres avocats clés:

Stephen Jaggs; Dumnern Subpaisarn; Panuwat Chaistaporn

Les références

‘A proactive, solution orientated approach that addresses bankability requirements whilst keeping to timelines.’

‘Sarah Wilson and Panuwat Chaistaporn provide an exceptional combination on aviation matters.’

Principaux clients

Asian Development Bank

Principaux dossiers

  • Advised a regional development bank on the drafting of a master template standstill agreement and integrated term sheet, along with guidance notes, to be used as a base for all of their restructurings in the Asia-Pacific region
  • Advised various operating lessors and financial institutions with respect to the ongoing insolvency and business rehabilitation proceedings of Thai Airways, Nok Airlines and Thai AirAsia X in the Bankruptcy Court of Thailand.
  • Advised Credit Guarantee and Investment Facility on enforcement action arising from the occurrence of an event of default under a reimbursement and indemnity agreement.

Chandler MHM Limited

Chandler MHM Limited’s ‘diligent and practical’ multidisciplinary practice advises creditors on debt rehabilitation mandates arising out of the aviation and manufacturing sectors. The team is currently acting for creditors in debt claims submitted in relation to the business rehabilitation of Thai Airways. Banking and finance expert Joseph Tisuthiwongse leads the team alongside Waree Shinsirikul and Nathee Silacharoen, both of whom specialise in litigation and alternative dispute resolution.

Responsables de la pratique:

Joseph Tisuthiwongse; Waree Shinsirikul; Nathee Silacharoen

Les références

‘Diligent and practical.’

Kudun & Partners

Kudun & Partners has experience advising on cross-border issues associated with business reorganisations, debt restructurings and insolvencies, in addition to bankruptcy proceedings and protection of creditor and debtor rights. The practice also stands out for its expertise in handling actions under the Bankruptcy Act in Thailand. Somboon Sangrungjang jointly leads the team alongside Pariyapol Kamolsilp, both of whom handle litigious matters extending to insolvency and bankruptcy proceedings. Chinawat Assavapokee and Saravut Krailadsiri focus on corporate restructurings.

Responsables de la pratique:

Somboon Sangrungjang; Pariyapol Kamolsilp

Autres avocats clés:

Chinawat Assavapokee; Saravut Krailadsiri

Principaux clients

Sime Darby (Thailand) Limited

S Hotels and Resorts Public Company Limited

Pro Pet (Thailand) Co., Ltd.

Fullerton Enterprise Company Limited

Electricity Generating Authority of Thailand

Kasetsart University Savings and Credit Cooperative Limited

Provincial Electricity Authority’s Employees Saving and credit Cooperative Limited

Chulalongkorn University Savings Cooperative Limited

PTT Saving and Credit Cooperative Limited

The Thai Red Cross Society Saving and Credit Co., Ltd.

Thai Airways Saving (TG Saving)

MIC Overseatrade Corporation Limited

Principaux dossiers

  • Appointed to represent the creditors’ committee of the Thai Airways business rehabilitation, which is acting on behalf of every creditor and working closely with the creditors’ committee to oversee the implementation of THAI’s business rehabilitation plan.
  • Advised S Hotels and Resorts Public Company Limited on its group restructuring of over 27 holding and operating companies to streamline the investment and reduce administrative costs.
  • Representing the investors of one of the fastest-growing brokerage firms in Thailand in respect with the filing of debt repayment applications in bankruptcy case, in order to claim outstanding debts from assets.

Tilleke & Gibbins

Tilleke & Gibbins acts for creditors, debtors and other stakeholders on a range of matters, from submitting debt repayment applications during business rehabilitations and bankruptcy processes to reorganisation and restructuring mandates. John Frangos leads the team alongside Cynthia M. Pornavalai and Thawat Damsa-ard, both of whom are noted for their expertise in bankruptcy proceedings, as well as restructuring, and insolvency matters. The practice has experience across the aviation, financial services and consumer goods sectors.

Responsables de la pratique:

Cynthia M. Pornavalai; John Frangos; Thawat Damsa-ard

Principaux clients

American Express

Collins Aerospace, a Raytheon Technologies company

Dnata Catering

Euler Hermes

General Motors Thailand and General Motors Powertrain

Pratt & Whitney

Principaux dossiers

  • Assisted a multinational packaging company in reviewing, revising, and supporting the Thai elements of a regional corporate restructuring plan.
  • Represented an American multinational financial services corporation in preparing and defending a business repayment application in connection with Thai Airways’ insolvency and business rehabilitation.
  • Advised an American aerospace manufacturer with global service operations on preparing, filing, and litigating a debt claim against insolvent Thai budget carrier Nok Air.

DFDL Legal & Tax

With experience across the technology, aviation, manufacturing and hospitality sectors, DFDL Legal & Tax advises on matters concerning corporate structuring, debt restructuring and refinancing, as well and bankruptcy and insolvency proceedings. Audray Souche leads the practice alongside Guillaume Massin, Nipaporn Supha-Utchaichan and Kraisorn Rueangkul.

Responsables de la pratique:

Audray Souche; Guillaume Massin; Nipaporn Supha-Utchaichan; Kraisorn Rueangkul

Principaux clients


Principaux dossiers

  • Assisting Ekornes on an international corporate rationalisation project, involving restructuring of operations and entities to streamline overall organisation and optimise inter-company relationships.

Watson Farley & Williams (Thailand) Limited

Watson Farley & Williams (Thailand) Limited has demonstrable capability in insolvency proceedings, in addition to debt restructuring and reorganisation mandates, and advises foreign creditors on restructurings in the aviation sector. Christopher Osborne leads the team and has experience acting for Thai companies on the commencement of rehabilitation debt restructuring proceedings in the Bankruptcy Court.

Responsables de la pratique:

Christopher Osborne

Principaux clients

ALAFCO Aviation Lease and Finance Co.

Genesis Aircraft Services Limited

Groupe ADP

KEOS Aviation UK Limited