Stephenson Harwood (Singapore) Alliance has advisediflix Pte. Ltd. in obtaining, for the first time, 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.
The Stephenson Harwood restructuring and insolvency team was led by partner Lauren Tang (Picture), 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.
Involved fees earner: Laura Baker – Stephenson Harwood; Wei Liang Chang – Stephenson Harwood; Philippa English – Stephenson Harwood; Chit Yee Ooi – Stephenson Harwood; Tom Platts – Stephenson Harwood; Lauren Tang – Stephenson Harwood;
Law Firms: Stephenson Harwood;
Clients: iflix Pte. Ltd.;