Singapore aims to be hub for companies seeking debt reconstruction

Singapore wants to create a system similar to US Chapter 11, which allows bankrupt companies to apply for protection, which could be relevant for the many carriers in deep debt problems in the country.

Like New York and London, Singapore is now also looking to become a debt restructuring hub, according to Seatrade Maritime.

According to the media, law firm Stephenson Harwood Alliance has looked more closely at Singapore's efforts to change its scheme of arrangement system to more closely resemble US Chapter 11, a law used by companies seeking debt restructuring.

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