Jason Kardachi | Corporate financing and restructuring

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Jason has led and managed complex debt restructurings and adjustments, liquidations and receiverships and provided practical and business solutions to key stakeholders.

Jason is the founding member of the TMA Southeast Asia (“SEA”) Chapter and is the inaugural President of the TMA Regional Chapter. He was recently awarded the 2019 TMA International Chapter Impact Award and is the first practitioner outside the United States to receive an individual award since the TMA Awards began in 1993.

Prior to joining Borrelli Walsh (now Kroll), Jason was Managing Partner of Teak Capital Partners, an advisory and investment firm focused on special situations and distressed investments across Asia Pacific.

Jason has 26 years of corporate advisory and restructuring experience in Asia-Pacific, the last 19 of which have been in Hong Kong and Singapore, first with PricewaterhouseCoopers in disaster recovery services and then as a Head of Special Situations in Asia at HSBC.

Jason is a Chartered Accountant and holds a Bachelor of Commerce and Bachelor of Economics from the University of Adelaide.

Professional Affiliations and Academic Qualifications
  • Licensed Insolvency Practitioner – Singapore
  • Member of the Institute of Singapore Chartered Accountants
  • Member of the Institute of Chartered Accountants of Australia and New Zealand
  • Member of INSOL International
  • Associate Member of the Insolvency Practitioners Association of Singapore (IPAS)
  • Past President and Current Board Member of the Turnaround Management Association, Singapore and Southeast Asia
  • Bachelor of Commerce, University of Adelaide
  • BA in Economics, University of Adelaide

Professional experience

Restructuring

  • Restructuring Director and Senior Advisor to PT Berlian Laju Tanker Tbk, an Indonesian dual-listed company (Singapore and Jakarta) with a global chemical tanker fleet of 50 vessels operating globally from Jakarta, Hong Kong and the United States (Southport , Connecticut) and has a debt of more than 2 billion US dollars. Established a long-term restructuring proposal to accommodate diverse lender and stakeholder groups in Asia, New York, London and the Netherlands; negotiated terms and implemented restructuring through a PKPU process in Indonesia, s210(10) in Singapore and Chapter 15 in New York.
  • Chief Restructuring Officer of Global Beauty, a company providing non-medical cosmetic treatment services with over 200 centers and 3,000 employees across Southeast Asia, including Malaysia, to review its business.
  • Restructuring Director of MFE Formwork, an aluminum and steel formwork construction company with significant operations in Malaysia and India. The restructuring included the provision of a new funding facility and the management buyout. Appointed independent director after the restructuring to implement the business plan and facilitate an exit.
  • Appointed independent financial adviser by a group of 33 syndicated and bilateral lenders to Duniatex, a 6-entity Indonesian textile group engaged in spinning and weaving manufacturing, which defaulted on more than $1.5 billion in secured debt dollars and began a court-supervised restructuring in Indonesia (PKPU) with moratorium and recognition proceedings in Singapore and the United States.
  • Independent financial adviser to a Maldivian airline which operates a fleet of 57 aircraft with outstanding debt of approximately $335 million.
  • Independent financial adviser, voluntary administrators and liquidators of Tamarind, an offshore oil company operating with 3P reserves in New Zealand, totaling approximately 17 million barrels and more than 124 creditors owed more than $320 million.
  • Independent financial advisor to the lenders of Pan Brothers, an Indonesian integrated apparel manufacturer, in connection with the restructuring of the Company’s outstanding debt relating to a senior secured revolving credit facility, in the aggregate amount of $138.5 million.
  • Independent financial advisor to Modernland, an Indonesian real estate company, in connection with the restructuring of its USD bonds, totaling $390 million.
  • Independent financial adviser to the lenders of PT Delta Merlin Dunia Properti, the real estate arm of an Indonesian real estate group, which defaulted on more than $150 million in secured debt and began a court-supervised restructuring in Indonesia (PKPU ).
  • Independent financial advisor to PT TiPhone Mobile Indonesia Tbk, an Indonesian listed retail company with total debt of approximately $500 million, to assist in the restructuring of its secured syndicate and bond facilities.
  • Independent Financial Advisor to a Banking Syndicate and Project Manager to First Engineering, a plastic injection molder based in Singapore with operations in Malaysia, China and India. Following a successful debt-to-equity restructuring, we executed an exit from the bank’s position through a targeted sale process to a private equity buyer.
  • Restructuring and turnaround of Pope Perry, an Australian manufacturer of heavy engineering equipment, including the sale of an underperforming business unit, reduction of headcount (25%), overhead (32%) and debt (10m USD).
  • Restructuring of an Australian national retailer (sales of $150m) including operations management, sale of non-core surplus assets, review of underperforming business units and management restructuring.

Advisory

  • Independent financial advisor to a corporate fiduciary service provider in Singapore and Asia-Pacific. Review of current risk framework and identification of areas for improvement in line with Singapore retail debt market and implementation of changes.
  • Management of three entities which operate 26 hotels with 14,000 beds in 15 cities in Europe and the United States, on behalf of an alternative asset management company focused on credit and special situations investing which holds a stake of 49% in the company and are lenders in respect of 120 MEUR of facilities to the group.
  • Acting asset manager of a portfolio of 7 (mostly distressed) investments located in China, Singapore and Malaysia worth $100 million. Beneficiary industries include pharmaceuticals, aquaculture, manufacturing, shipping and technology. As the fund’s asset manager and investment directors, our work involved establishing and implementing an execution strategy for each investment through different strategies.
  • Managed a team of 20 people on purchase advisory and due diligence of a portfolio of Hong Kong and China based NPLs with significant real estate collateral and a book value of US$1 billion.
  • Lead adviser on bid for Australian rail assets valued at A$250 million, including determining bid structure, financial modelling, due diligence, sourcing finance and reporting to the board of directors.
  • Advised on the acquisition of an Australian commercial property portfolio purchased for US$225 million for a major superannuation fund.
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