Ben Crilly | Corporate financing and restructuring

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Ben advises onshore and offshore corporations, borrowers, banks and funds on restructurings and often contentious and complex cross-border financial and operational transactions in Indonesia and South East Asia. In recent years, Ben has been involved in almost every major debt restructuring in Indonesia, with a total debt value of over $25 billion.

Ben’s assignments and clients typically have a cross-border focus, including work in Indonesia, Singapore, Malaysia, Hong Kong, PRC, Australia, USA, UK, Europe, Bermuda , the British Virgin Islands and the Cayman Islands.

Ben’s strong financial and operational skills play a key role in analyzing and executing restructuring and association assignments and his wealth of commercial experience means he is well suited to establish and implement solutions to complex issues and disputes. Ben also often acts as a Director or Director of Restructuring for entities to drive the implementation of applications or restructures.

More recently, Global Restructuring Review named Ben to its 2022 “40 Under 40” list of the world’s top young restructuring professionals.

Prior to joining Borrelli Walsh (now Kroll), Ben was a senior manager at a Singapore-based restructuring firm. Previously, he was an Investment Director for an Australia-based private equity fund and an Associate Director in the Transactions and Restructuring team of a large corporation.

Ben is a Chartered Accountant and holds a Bachelor of Commerce from the University of Western Australia.

Professional Affiliations and Academic Qualifications

  • Member of the Institute of Chartered Accountants Australia and New Zealand
  • Member of the Turnaround Management Association
  • Bachelor of Commerce, University of Western Australia

Selected experience

  • Financial advisor to the lenders of Sapura Energy, a Malaysian listed upstream energy company, in connection with a restructuring of approximately $2.5 billion in term loan facility, commercial and revolving credit, and facilities Islamic and sukuk.
  • Financial advisor to BULL International Holdings Pte Ltd, the Singaporean holding company of a listed Indonesian shipping company, to work with and assist the Company with respect to watchdog services for the benefit of its international lenders and a restructuring of approximately 450 million long-term US dollar secured term facility.
  • Financial advisor to a major group of lenders to PT Sri Rejeki Isman Tbk, an Indonesian textile company, in connection with a restructuring of approximately $1.8 billion in syndicated loans, bilateral banking facilities and offshore bonds . The restructuring involved court-supervised restructuring in Indonesia (PKPU) with moratorium proceedings in Singapore and the United States.
  • Financial advisor to lead syndicated lenders to Bermuda and Hong Kong-based satellite operator Asia Broadcast Satellite in connection with an approximately $500 million restructuring of senior and mezzanine credit facilities.
  • Financial adviser to a group of 33 syndicated and bilateral lenders to Duniatex, an Indonesian textile group comprised of 6 entities engaged in spinning and weaving manufacturing, which defaulted on over $1.5 billion secured debt and commenced court-supervised restructuring in Indonesia (PKPU) with moratorium and recognition proceedings in Singapore and the United States.
  • Financial advisor to a group of aircraft lessors of Lion Air Group, an airline group operating in Indonesia, Malaysia and Thailand.
  • Financial advisor to PT Bumi Resources Tbk, in connection with a restructuring of the company’s debt for a total amount of approximately 4 billion dollars.
  • Financial advisor to PT Modernland Realty Tbk, an IDX-listed Indonesian real estate company, in connection with the restructuring of its USD bonds, totaling $390 million.
  • Appointed as a director by a group of private equity funds to restructure and manage the operational and financial affairs of an oil and gas exploration and production company in Indonesia.
  • Financial advisor to syndicate and bilateral working capital lenders on a $500 million restructuring of their facilities at IDX-listed PT Pan Brothers Tbk, Indonesia’s largest apparel manufacturer.
  • Financial advisor to Titan Infra Energy, an Indonesian coal miner and logistics services provider in Sumatra, Indonesia, in connection with a restructuring of its senior syndicated credit facilities and unsecured loans totaling approximately $800 million.
  • Financial advisor to majority secured lender to PT Delta Merlin Dunia Owner of shopping malls and hotels in Solo, Indonesia, in its court-supervised restructuring (PKPU) for loans in excess of USD 500 million.
  • Independent financial advisor to an Indonesian airline and its subsidiaries in connection with a restructuring of its approximately $300 million senior debt facilities.
  • Independent financial advisor to TiPhone, an Indonesian listed telecom retail company with total debt of approximately US$500 million to assist in the restructuring of its secured syndicate and bond facilities.
  • Independent financial advisor to QNB in ​​the restructuring of Semen Bosowa Maros, a major cement company in Indonesia that defaulted on $550 million secured debt.
  • Independent financial advisor to an Indonesian airline and its subsidiaries in connection with a restructuring of its approximately $300 million senior debt facilities.
  • Financial advisor to a group of senior lenders and bondholders (institutional and retail investors) of PT Trikomsel Oke Tbk, an Indonesian listed mobile phone retailer, in connection with a proposed restructuring of PKPU. Subsequently appointed Director and Director of Restructuring to implement the restructuring.
  • Appointed Director of Global Beauty International, a company providing non-medical cosmetic treatment services with over 200 centers and 3,000 employees in Hong Kong and Southeast Asia, including Indonesia, Singapore, Thailand and Malaysia , to review its operations and implement turnaround and ongoing management .
  • Financial adviser to a banking syndicate with outstanding loans of $750 million to review the operations and cash position of Bayan Resources, a coal company, as major infrastructure and mine ramp-up was being implemented.
  • Financial advisor to Modern Group, a publicly traded Indonesian group of companies that owned the main Seven-Eleven franchise in Indonesia and operated over 150 Seven-Eleven convenience stores throughout Indonesia, which due to government regulation , incurred debt in excess of US$100 million and ultimately, the closure of all Seven-Eleven stores in June 2017. Formulated and negotiated a restructuring proposal with bank creditors, finance companies and over 200 commercial creditors, and successful implementation of the restructuring through a PKPU.
  • Financial advisor to 22 syndicate lenders of Royal Industries, an Indonesian palm oil refining company engaged in the processing and export of cooking oil, margarine and packaged soap, in its restructuring overseen by a $399 million tribunal.
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