Sushil Nair

Practice Areas

Sushil is the Deputy Chief Executive Officer of Drew & Napier and also co-heads its Corporate Restructuring & Workout practice group. Sushil has been in practice for some 30 years, with the majority of that time focused on restructuring. Sushil’s practice is focused on the Asia Pacific region, with much of it revolving around Indonesia and China, where he has been involved in some of the largest restructuring exercises in Asia.

Career

LL.B. (Hons), National University of Singapore; Admitted to the Singapore Bar; Solicitor, England & Wales

Sushil chairs the Insolvency Sub Committee of the Law Society of Singapore and has been appointed a member to a number of government committees involved in the development of the law relating to insolvency and restructuring in Singapore. Sushil also sits on the boards of the Singapore Accountancy Commission and Sports Singapore.

Sushil was awarded Singapore’s Public Service Star (COVID-19) accolade, also known as the Bintang Bakti Masyarakat (COVID-19), in 2023 for his invaluable contribution to the successful management of the impact of COVID-19 on Singaporeans by conceptualising the framework and helping to draft the COVID-19 (Temporary Measures) Bill. The COVID-19 (Temporary Measures) Act 2020 was passed by Parliament on 7 April 2020.

Professional Memberships

Member, Insolvency Law Review Committee set up by the Minister of Law; Chairman, Insolvency Committee of the Law Society of Singapore; Member, Advocacy Committee of the Law Society of Singapore; Member, Law Society of Singapore; Member, Singapore Academy of Law; Member, Board of Directors of the Insolvency Practitioners Association of Singapore

Experience

Sushil has handled a number of significant cross border restructuring exercises. Here are just a few:

1. Asia Pulp & Paper Co Ltd - Sushil was the firm’s lead partner in the US$16 billion restructuring exercise of this multi jurisdictional conglomerate, one of the largest exercises of its kind in the world. The exercise involved some 150 subsidiaries worldwide, including in Indonesia, China, Europe and the USA.

2. PT Berlian Laju Tanker Tbk - Sushil is the firm’s lead partner acting in the US$2.6 billion restructuring exercise of this leading worldwide seaborne liquid cargo transportation specialist, which is the only company listed on both the Singapore and Jakarta Stock Exchanges. It is the largest restructuring exercise in Indonesia for some years. The exercise has involved Court applications in Indonesia, Singapore and the USA. In Indonesia, the company’s debt composition proposal has been approved by the Indonesian Courts with the approval of the vast majority of its creditors, both international and domestic. This deal has been awarded Asian-MENA Counsel: Deal of the Year – Honourable Mention and IFLR Asia Awards 2016: Restructuring Deal of the Year.

3. Ezra Group - Sushil led the team representing Ezra Holdings Limited on its US$1.49 billion cross-border debt restructuring involving a restructuring under the Chapter 11 of the US Bankruptcy Code, which is to be followed by judicial management under Section 227 of the Singapore Companies Act. On 18 October 2018, the United States Bankruptcy Court for the Southern District of New York entered an order confirming the restructuring plan under Chapter 11 of the US Bankruptcy Code which subsequently went effective on 31 December 2018. In 2018, the Singapore High Court approved Ezra Holdings’ application for a cross-border protocol between Singapore court and the US Bankruptcy Court in relation to its bankruptcy proceedings—the first restructuring which applies the cross-border protocol adopted by the Singapore Supreme Court under the Judicial Insolvency Network initiative introduced in October 2016.

4. Nam Cheong Group - Sushil led the team representing Nam Cheong Group on its US$1.35 billion debt restructuring, including US$240 million bonds issued and listed on the Singapore Exchange. Nam Cheong’s core business is the construction and supply of offshore support vessels used in the offshore oil and gas exploration and production and oilfield services industries. Nam Cheong owns shipbuilding facilities in Malaysia and also outsourced the constructions of vessels to yards in the People’s Republic of China. Nam Cheong Group also has a vessel chartering business with a fleet of 15 vessels. Nam Cheong Limited is listed on the Singapore Exchange and various subsidiaries incorporated in Malaysia.