Stephenson Harwood (Singapore) Alliance Advises Iflix On Pre-pack Scheme Arrangement.
Legal News & Analysis - Asia Pacific - Singapore - Insolvency & Restructuring
17 February 2021
Law firm Stephenson Harwood (Singapore) Alliance has advised the iflix group on its group restructuring, and recently acted for iflix Pte. Ltd. in obtaining court approval of the pre-packed scheme arrangement.
iflix, a Malaysian company which was founded in 2014, provides free and subscription video on demand services in 13 countries across Asia, and has more than 25 million users on its platform. Following the sale of certain assets and rights from various iflix entities to the subsidiaries of Tencent Holdings Ltd, the iflix group sought to restructure its debts with its creditors.
In one of the first deals in Singapore to use the pre-pack scheme process, under section 71 of the Insolvency, Restructuring and Dissolution Act (No. 40 of 2018), Stephenson Harwood successfully advised and assisted iflix Pte. Ltd. in obtaining court approval of the pre-pack scheme.
Stephenson Harwood also advised iflix on the sale of its online streaming video platform, and other assets, to the Tencent group last year.
The Stephenson Harwood restructuring and insolvency team was led by partner Lauren Tang, who was assisted by associates Chang Wei Liang and Ooi Chit Yee. Corporate partner Tom Platts, with support from senior associate Philippa English and associate Laura Baker, advised iflix on its sale to the Tencent group.
The Stephenson Harwood (Singapore) Alliance, the formal alliance between Stephenson Harwood LLP and Virtus Law LLP, meant that the firm was able to provide a wide range of services, from corporate M&A to restructuring and insolvency, and across multiple jurisdictions.
For further information, please contact:
Lauren Tang, Partner, Stephenson Harwood (Singapore) Alliance