The decision by a fish distributor listed in Singapore to abandon local court proceedings and seek United States bankruptcy protection shows the hurdles the Asian nation faces in its bid to become a global debt restructuring hub.
Pacific Andes Resources Development, which defaulted on a $200 million note in January, filed last month in the US for protection against action by creditors.
It did so after certain lenders filed to wind up the firm and its subsidiaries in Bermuda and the British Virgin Islands. That followed a Singapore court’s decision to offer a moratorium preventing creditors from enforcing claims on assets only in the nation, but not elsewhere.
Singapore is positioning itself as a fundraising hub for Asia and i…
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