Jason Kardachi is a managing director based in the Singapore office and leads the firm’s restructuring and insolvency work in Singapore and South East Asia.
Jason has led and managed complex debt restructurings and turnarounds, liquidations and receiverships and provided practical and commercial solutions to key stakeholders.
Jason is the founding member of the TMA Southeast Asia ("SEA") chapter and is the first President of the regional TMA chapter. He was recently awarded the TMA International Chapter Impact Award 2019, and is the first practitioner outside of the United States to have received an Individual award since the launch of the TMA Awards in 1993.
Before joining Borrelli Walsh (now Kroll), Jason was a Managing Partner of Teak Capital Partners, an advisory and investment firm focused on special situation 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, initially at PricewaterhouseCoopers in Business Recovery Services and then as Head of Special Situations Asia at HSBC.
Jason is a Chartered Accountant and has a Bachelor of Commerce and a 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 South East Asia
- Bachelor of Commerce, University of Adelaide
- Bachelor of Economics, University of Adelaide
- Chief Restructuring Officer and lead advisor to PT Berlian Laju Tanker Tbk, a dual-listed (Singapore and Jakarta) Indonesian company with a global chemical tanker fleet of 50 vessels operating globally from Jakarta, Hong Kong and US (Southport, Connecticut) and has debt in excess of US$2 billion. Established a long term restructuring proposal to accommodate a diverse lender and stakeholder groups in Asia, New York, London and the Netherlands; negotiated terms and implemented restructuring within the framework of 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 with 3,000 staff across South East Asia including Malaysia, to review its businesses.
- Chief Restructuring Officer of MFE Formwork, an aluminium and steel formwork construction business with substantial operations in Malaysia and India. Restructuring included provision of new money facility and management buyout. Appointed Independent Director post-restructuring to implement business plan and facilitate an exit.
- Appointed Independent Financial Advisor by a group of 33 syndicated and bilateral lenders to Duniatex, an Indonesian textiles group consisting of 6 entities engaged in spinning and weaving manufacturing, which defaulted on secured debt in excess of USD1.5 billion and entered a court supervised restructuring in Indonesia (PKPU) with moratorium and recognition proceedings in Singapore and the United States.
- Independent Financial Advisor to a Maldivian commercial airline that operates a fleet of 57 aircraft with outstanding debt of approximately USD335 million.
- Independent Financial Advisor, Voluntary Administrators and Liquidators of Tamarind, an operating offshore oil company with 3P Reserves in New Zealand, totalling approximately 17 million barrels and over 124 creditors owed in excess of USD320 million.
- Independent Financial Advisor to Lenders of Pan Brothers, an Indonesian integrated garment manufacture, in the restructuring of the Company’s outstanding debt in relation to a senior secured revolving credit facility, totalling USD138.5 million.
- Independent Financial Adviser to Modernland, an Indonesian real estate company in the restructuring of its USD bonds, totalling USD390 million.
- Independent Financial Adviser to lenders to PT Delta Merlin Dunia Properti, the property arm of an Indonesian property group, which defaulted on secured debt in excess of USD150 million and entered a court supervised restructuring in Indonesia (PKPU).
- Independent Financial Advisor to PT TiPhone Mobile Indonesia Tbk, a listed Indonesian retail company with total debt of approximately USD500 million to assist with a restructuring of its secured syndicate and bond facilities.
- Independent Financial Advisor to a bank syndicate and Scheme Manager of First Engineering, Singapore based plastic injection moulder with operations in Malaysia, China and India. Following a successful debt for equity restructuring, we achieved an exit of 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 sale of underperforming business unit, reduction in staff (25%), overheads (32%) and debt (US$10m).
- Restructuring of an Australian national retailer (US$150m sales) including management of operations, sale of non-core surplus assets, review of non-performing business units and management restructure.
- Independent Financial Advisor to a provider of corporate trustee services in Singapore and Asia Pacific. Reviewed current risk framework and identified areas of improvements in accordance with the Singapore retail debt securities market and implemented changes.
- Directorship to three entities that operate 26 hotels with 14,000 beds across 15 cities in Europe and the US, on behalf of an alternative asset management firm focused on credit and special situations investing who hold a 49% interest in the business and are lenders in respect of EUR120m of facilities to the group.
- Replacement asset manager of a portfolio of 7 (primarily distressed) investments located in China, Singapore and Malaysia valued at US$100m. Investee industries include pharmaceuticals, aquaculture, manufacturing, shipping and technology. As asset manager of the fund and directors of the investments, our work required establishing and implementing a realisation strategy for each investment through various strategies.
- Managed a team of 20 on the buy side advisory and due diligence of a portfolio of NPLs based in Hong Kong and China with significant real estate collateral and a book value of US$1b.
- Lead advisor in bid for Australian rail assets valued at AUD$250m including determination of bid structure, financial modelling, due diligence, sourcing finance and reporting to board.
- Advisor on the acquisition of an Australian commercial property portfolio purchased for US$225m for a large superannuation fund.