• Business & Operational Restructuring

• Corporate Recovery & Insolvency

• Business Review, Forensic Investigations & Expert Witness

• Due Diligence, Corporate Advisory and Directorships

BW India

Beijing | British Virgin Islands | Cayman Islands | Hong Kong | Jakarta | London | New Delhi | Shanghai | Singapore www.borrelliwalsh.com

Delivering bold and innovative solutions to challenging business and operational problems

Borrelli Walsh is a leading specialist advisory firm with a dedicated team of over140 professionals and staff across offices in Beijing, British Virgin Islands,Cayman Islands, Hong Kong, Jakarta, London, New Delhi, Shanghai andSingapore.

We focus exclusively on:

• Business & Operational Restructuring• Corporate Recovery & Insolvency• Business Review, Forensic Investigations & Expert Witness• Due Diligence, Corporate Advisory and Directorships

Our expert team has an established reputation for hard work, tenacity andintegrity. We have a proven track record of delivering practical and efficientsolutions in our chosen areas in Asia Pacific, the US and internationally.

Our Managing Directors and Directors have real hands on involvement in allprojects.

Key clients include asset reconstruction companies, private equity and specialsituations funds, bondholders, trustees, local and international banks, lawyers,listed and private companies, regulators and industry bodies, governmentdepartments and promoters.

Borrelli Walsh has a strong reputation for delivering results to complexproblems through hard work, innovative and practical solutions throughout theUSA, Caribbean, Asia Pacific region and internationally.

We work with our clients and other stakeholders in small and experiencedgroups and focus on providing strategic direction and momentum and avoidingor resolving financial and operational problems and enhancing and realizingvalue in a low risk and well considered environment.

We have established relationships with well experienced and like-mindedinternational contacts in a broad range of professional and commercialdisciplines and industries.

Of paramount importance is our discretion and our loyalty to our clients.

Introduction to Borrelli Walsh

2

BUSINESS AND OPERATIONAL RESTRUCTURING

• Crisis and interim management (Chief Restructuring Officer)

• Performance improvement

• Independent Financial Advisors and Reporting Accountant

• Formal and informal restructurings and workouts

• Cash and working capital management

• Supplier, trade creditor and cashflow management

• Schemes of Arrangement and Judicial Management

• Indonesian Suspension of Debt Payment Obligation (Penundaan Kewajiban Pembayaran Utang or “PKPU”)

• Chapter 15 of the US Bankruptcy Code

CORPORATE RECOVERY AND INSOLVENCY

• Compulsory, Creditors and Members Voluntary Liquidations

• Court and Private Receiverships

• Bankruptcy and Individual Voluntary Arrangements

Services

BUSINESS REVIEW, FORENSIC INVESTIGATIONS & EXPERT WITNESS

• Shareholder disputes and litigation support

• Independent reviews

• Asset tracing, retrieval and realisation

• Business and accounting reconstruction and analysis

• Regulatory and money laundering investigations

• Computer forensics and eDiscovery

• Quantifying losses

• Corporate governance advisory

• Investigating service provider negligence, including auditors and underwriters

• Expert testimony

DUE DILIGENCE, CORPORATE ADVISORY AND DIRECTORSHIPS

• Executive and non-executive directorships

• PRC Legal Representative appointments

• Capital structure and corporate governance advisory

• Acquisition and due diligence of entities, debt and assets

• Valuations and divestments of entities, debt and assets

3

Experience

4

GETIT INFOSERVICES

Directors to an Indian infoservices company –

strategized its liquidation and investigation into possible

mismanagement

India

Media

MFE FORMWORK

Chief Restructuring Officer of a formwork construction

company - advised its post-restructuring and sold business

to a PE Fund

India - Malaysia

Formwork

JASPER OFFSHORE

Director to a shipping company – advised its

restructuring, maximised recovery and sold business to

an LSE-listed company.

India - Singapore

Offshore Drilling

MERCATORLINES

Independent Financial Advisor to a dry bulk shipping

company in its restructuring

India - Singapore

Dry Bulk Shipping

GEODESIC TECHNOLOGY

SOLUTIONS

Receivers to the Hong Kong subsidiary of an Indian technology company

India - Hong Kong - Singapore

Technology

FIRST ENGINEERING

Independent Financial Advisor to bank syndicate following restructuring of a plastics

engineering business – achieved exit for syndicate after sale of

business to PE fund

India - Singapore

Manufacturing

UTTAM GALVA

Receiver of a subsidiary of one of India’s largest steel

manufacturers

India - BVI

Steel

SIVA SHIPPING

Receivers of a Indian shipping and bulk trading group –resulting in a sale of the

business

India - Singapore - Norway - Mauritius -Marshall Islands - UK - USA -

Cayman Islands

Shipping

LAVA INTERNATIONAL

Independent Financial Advisor to a China-based manufacturer –undertook asset tracing and established its investment

recovery options and strategy

India – Hong Kong - China

Telecommunications

ESSAR CAPITAL

Receivers of a global investment fund with assets in

India, Cayman Islands, USA and the UK.

India - Cayman Islands - USA - UK

Oil & Gas

USD$25,000,000 USD$165,000,000USD$300,000,000

USD$35,000,000 USD$33,000,000

USD$200,000,000

USD$30,000,000

USD$3,000,000,000

USD$25,000,000USD$160,000,000

TIMIS MININGCORPORATION

Receiver over secured assets of a mining company

Sierra Leone

Mining, Oil & Gas

DUNIATEX GROUP

Independent Financial Advisor to more than 20 offshore

banks in the restructuring of the Indonesian textile

conglomerate

Indonesia

Textiles

TAIZINAIGROUP

Independent Financial Advisor to a syndicate to conduct

independent review of a drinks manufacturer and wholesaler in

PRC, and its restructuring

Cayman Islands - PRC

Food and Beverage

PANASIALUMHOLDINGS

Directors to a BVI company with controlling interest

holding of 75% of Hong Kong listed Aluminium company

Hong Kong - PRC - Australia - UK

Aluminum

USD$154,000,000 USD$137,000,000USD$225,000,000 USD$4,000,000,000

DQ ENTERTAINMENT

Independent Financial Advisor to an Asian investment fund –appointed Receivers over an

Irish animation and visual effects production company

with operations in India

India – Ireland – Hong Kong

Media

USD$110,000,000

CONERGY

Independent Financial Advisor to two large US funds – established the financial affairs and valuation

of the business with Asia & Middle East operations and

conducted its sale

Cayman Islands - Singapore

Renewable Energy (Solar)

USD$87,000,000

PT BAYAN RESOURCES TBK

Independent Financial Advisor to a bank syndicate with loans to the leading coal company in Indonesia and its restructuring

Indonesia

Coal

USD$750,000,000

Experience

5

JURONG AROMATICS

CORPORATION

Receivers of one of the world’s largest petrochemical plants – sold for more than

three times its initial sale value

Singapore - Korea

Petrochemical

HYFLUX

Independent Financial Advisor to unsecured lenders of a

utilities company – valuation of company’s enterprise value

and led negotiations

Singapore

Utilities

BERLIAN LAJU TANKER

Chief Restructuring Officer to a dual listed shipping company

and led its restructuring efforts

USA - Indonesia - Singapore - Hong Kong

Shipping

CHINA FORESTRY

Liquidators of offshore holding company of the Group engaged in forest

management – investigate into issues and stabilise business

Hong Kong – Cayman Islands - PRC

Forestry

CELESTIALNUTRIFOODS

Independent Financial Advisor to a manufacturer of soy protein-based food and

beverage products

Singapore – Bermuda - PRC

Food & Beverage

PT TRIKOMSELOKE TBK

Independent Financial Advisor to senior lenders and

bondholders to a retail telecommunications company

Indonesia - Singapore

Telecommunications

OM HOLDINGS

Independent Financial Advisor to the Australian listed mining,

manufacturing and trading company

Malaysia – Singapore - Australia

Manganese

TOWONAMEDIA

Receivers over all shares of a BVI holding company which

operates a TV media business in PRC by a private equity

bondholder

Singapore

Media

PAYEASE

Receivers of a Group involved in mobile and online payment services – due diligence and

sale of business

PRC

Fintech

BUMI RESOURCES

Independent Financial Advisor to bank syndicates of a family controlled coal Group in its

restructuring

Indonesia

Coal

SOUTH BEAUTY

Independent Financial Advisor to a PE-owned restaurant

chain in the stabilisation and the sale of the business

PRC

Food & Beverage

Debt: USD$2,400,000,000Sale: >USD$1,500,000,000 SGD$3,000,000,000 USD$2,000,000,000

USD$235,000,000

USD$110,000,000 USD$4,000,000,000

USD$3,000,000

USD$425,000,000 USD$65,000,000USD$550,000,000

USD$139,000,000

SAMUDRA ENERGY

Directors to the Company by PE funds and banks to

restructure the oil & gas exploration and production

company

Indonesia

Upstream Oil & Gas

AKAI HOLDINGS

Liquidators of consumer electronics product

manufacturer – largest corporate collapse in Hong

Kong at that time

Hong Kong - Japan - USA - PRC

Electronics

CHINA METAL

Liquidators to one of the largest scrap meal recycling

companies in PRC –investigation into fraud and

stabilise operations

Hong Kong - Macau - PRC

Scrap Metal

CHINA RESOURCES TRANSPORTATION

GROUP

Independent Financial Advisor to state-owned enterprise bondholder in the bond

default of the Hong Kong-listed timber company

PRC – Cayman Islands

Infrastructure

USD$130,000,000USD$130,000,000 USD$537,000,000USD$800,000,000

GLOBAL RESTRUCTURING REVIEW

• Names to know in Hong Kong and China 2019 – Cosimo Borrelli, Jacqueline Walsh, Michael Chan

• Names to know in Indonesia 2019 – Ben Crilly, Fitri Rachmawaty, Wielmen Rumli

• Names to know in Singapore 2018– Annabelle Cai, Mark O’Reilly

INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION

• Woman of the Year in Restructuring in Asia 2019 - Winner– Jacqueline Walsh

TURNAROUND MANAGEMENT INDIVIDUAL AWARD

International Chapter Impact 2019– Jason Kardachi

WWL WHO’S WHO LEGAL

• Asset Recovery Experts 2019, 2020 – Global Elite Thought Leader– Cosimo Borrelli

• Restructuring & Insolvency Advisors 2019, 2020 – Recommended– Cosimo Borrelli, Annabelle Cai, Mark O’Reilly

IFLR ASIA AWARDS

Restructuring Deal of the Year 2016- Berlian Laju Tanker

THE BANKER

Asia Pacific Restructuring of the Year 2016- Berlian Laju Tanker

THE ASIA LEGAL AWARDS

Finance Deal of the Year: Insolvency 2016- Berlian Laju Tanker

Awards

6

SAJEVE DEORADirectorT +91 11 4354 0950M +91 98 1190 3450E sde@borrelliwalsh.com

Sajeve Deora has over 30 years’ experience with the turnaround ofbusinesses and financial restructurings in India. Sajeve is an InsolvencyProfessional registered with the Insolvency and Bankruptcy Board ofIndia and is also listed on the panel of Arbitrators maintained by theInstitute of Chartered Accountants of India.

COSIMO BORRELLIManaging DirectorT +852 3761 3800M +852 9492 6393 E cb@borrelliwalsh.com

Cos is a Certified Public Accountant with over 25 years of experiencein formal and informal corporate advisory and restructuring, mergersand acquisitions, forensic accounting and financial investigations. Coshas led and worked on numerous assignments in India during hiscareer – including Essar Capital, Getit Infoservices, Jasper Offshore,Mercator Lines, Geodesic Technology and Siva Shipping.

JASON KARDACHIManaging DirectorT +65 6603 0795M +65 9101 2123 E jk@borrelliwalsh.com

Jason is based in Singapore and leads the firm’s restructuring,insolvency and forensic work in Singapore and South East Asia. Jasonhas led and worked on numerous assignments in India during hiscareer – including Essar Capital, MFE Formwork, Mercator Lines,SphereInvest and First Engineering.

Core Team

7

Offices

August 2020

BEIJINGRoom 4203Fortune Financial CenterNo. 5 East Third Ring Middle RoadChaoyang DistrictBeijing 100020, PRCTel: +86 10 5911 5388

BRITISH VIRGIN ISLANDS3rd Floor, Commerce HouseP.O. Box 3339, Road TownTortola VG1110British Virgin IslandsTel: +1 284 340 5888

CAYMAN ISLANDSPO Box 30847Strathvale House, 3rd Floor90 North Church Street, Grand CaymanKY1-1204 Cayman IslandsTel: +1 345 743 8800

HONG KONG17/F, Tower 1Admiralty Centre18 Harcourt RoadHong KongTel: +852 3761 3888

JAKARTAWorld Trade Centre 2, 9/FJl. Jend. Sudirman Kav. 29-31Jakarta 12920IndonesiaTel: +62 21 3000 2228

LONDON7/F Holborn Gate26 Southampton BuildingsLondon WC2A 1ANUnited KingdomTel: +44 20 7661 7980

NEW DELHI117, New Delhi House 27 Barakhamba RoadNew Delhi 110001, IndiaTel: +91 11 4354 0950

SHANGHAIRoom 3209, Plaza 661266 Jingan District, Shanghai P.R. China 200040Tel: +86 21 5255 4600

SINGAPOREOne Raffles PlaceTower 2, #10-62Singapore 048616Tel: +65 6327 1211