Kevin Sidharta

Partner

Kevin’s areas of practice encompass restructuring and insolvency, technology, media and telecommunications (TMT), cybersecurity & data protection, aviation, mergers and acquisitions, energy, infrastructure and projects, corporate & commercial, corporate real estate, international arbitration and litigation.

Kevin has been involved in almost all major cross-border debt restructurings in Indonesia entities as well as multiple restructuring and insolvency matters in Indonesia’s aviation sector, including the US$9.8 billion debt restructuring of Garuda Indonesia, which was one of the largest and most complex court-sanctioned debt restructuring in Indonesia’s history.

In the area of technology, media and telecommunications as well as cybersecurity & data protection, Kevin has advised various global technology, internet and social media companies on compliance issues with Indonesian law. He has also advised clients on telecommunications regulatory and licensing frameworks (including for submarine cables and satellites).

In the area of mergers and acquisitions, Kevin has led several matters, including the sale of PT Nissan Financial Services Indonesia by Nissan group, the sale of PT Oiltanking Merak and PT Oiltanking Karimun by Oiltanking GmbH, the acquisition of PT Mandala Airlines by Saratoga group (an Indonesian private equity company) and the acquisition of an Indonesian coal mining company by entities owned by South Korean conglomerate SK group.

In the area of energy, infrastructure and projects, Kevin was involved in the US$5.9 billion Jakarta-Bandung High Speed Rail Project developed by PT Kereta Cepat Indonesia China, PT Krakatau Posco Energy’s US$193.9 million, 200-MW Captive Power Plant Project & PT Patra SK’s US$127.5 million Lube Base Oil Plant Project.

In corporate real estate, Kevin’s work over the last several years includes assisting ICBC Bank with the proposed financing for the approx. US$1.5 billion Signature Tower project (now aborted), the Indonesian subsidiary of China Fortune Land Development (CFLD) Co Ltd for the acquisition of total of +/- 494 hectares of land in an industrial estate in Karawang & the acquisition of several industrial land from GIIC industrial estate by a number of multinational companies.

In litigation, Kevin’s experience in commercial litigation involves representing clients in various court proceedings including district courts, commercial courts, administrative courts, high courts, and the Supreme Court, ranging from tort claims, breach of contract claims, objection against the decision of the state’s institution to arbitral award nullification petition.

In the area of arbitration, Kevin has been involved in arbitration cases under the rules of the Singapore International Arbitration Centre (SIAC) and the Indonesian National Board of Arbitration (BANI). He has also been engaged as an expert on Indonesian law in a number of foreign legal proceedings.

Kevin is consistently recognised in several leading publications. He has been named in “The A List: Indonesia’s Top Lawyers 2024” by Asia Business Law Journal. He has been ranked as a Leading Individual for Restructuring and Insolvency, and is recgonised for his work in Aviation and IT, Telecoms & FinTech in The Legal 500 Asia-Pacific. He is also cited as a Name to Know in Indonesia by Global Restructuring Review and ranked in Band 1 by Chambers Asia-Pacific for Restructuring/Insolvency. IFLR1000 ranked him as Highly Regarded for Restructuring and Insolvency.

Work Highlights

Airline-related insolvency and restructuring

• Acted for almost 50 per cent. of total claims of creditors, consisting of aircraft manufacturer, maintenance, repair and operations (MRO) vendor, the majority of an ad hoc group of aircraft lessors, other aircraft and engine lessors, an aircraft finance lease funding provider and several aviation supply chain providers and vendors, in the Indonesian court-sanctioned debt restructuring process Penundaan Kewajiban Pembayaran Utang (“PKPU”) of PT Garuda Indonesia (Persero), Tbk on the restructuring of its US$9.8 billion debt.*
• Acted for several major aircraft lessors in the PKPU of PT Sriwijaya Air.*
• Acted for major aircraft / aircraft engine lessors and MRO vendors in the bankruptcy of PT Metro Batavia, including securing the repossession of leased aircraft during the proceedings.*
• Acted for major aircraft / aircraft engine lessors and MRO vendors in the PKPU of PT Mandala Airlines and for Saratoga group in the acquisition of PT Mandala Airlines post PKPU.*

General restructuring & insolvency

• Acted for Citicorp Investment Bank (Singapore) Ltd as the trustee of two senior notes and PT Arthaasia Finance in the PKPU of Sritex group, consisting of PT Sri Rejeki Isman, Tbk (“Sritex”); PT Sinar Pantja Djaja; PT Bitratex Industries; PT Primayudha Mandirijaya, on the restructuring of its US$1.4 billion debt.*
• Acted for ING Bank NV Singapore Branch in the PKPU of Duniateks group, consisting of PT. Delta Merlin Dunia Textile; PT Delta Dunia Tekstil; PT Delta Merlin Sandang Tekstil; PT Delta Dunia Sandang Tekstil; PT Dunia Setia Sandang Asli Tekstil; PT Perusahaan Dagang Dan Perindustrian Damai, on the restructuring of its US$1.5 billion debt.*
• Acted for China Development Bank in the PKPU of PT Bumi Resources, Tbk and the potential out-of-court second stage restructuring of its US$4.5 billion debt.*
• Providing expert declaration and expert testimony concerning the PKPU of PT Bakrie Telekom Tbk for the objecting noteholders in the Chapter 15 Petition for Recognition of a Foreign Proceeding legal proceedings initiated by PT Bakrie Telekom Tbk in the United States Bankruptcy Court Southern District of New York.*
• Acted for Marubeni entities in the PKPU of PT Asmin Koalindo Tuhup, the subsidiary of PT Borneo Lumbung Energi & Metal Tbk, on the restructuring of its almost US$2 billion debt.*
• Acted for various lessor creditors and shipowner entities in the PKPU of PT Berlian Laju Tanker Tbk (“BLT”) on the restructuring of its US$2 billion debt and advised the secured parties under BLT’s approximately US$650 million senior secured MLA credit facility, including DNB Bank ASA and affiliates of KKR and York Capital, in the out-of-court second stage restructuring process (the first ever out-of-court amendment of a court-approved restructuring plan under Indonesia’s PKPU regime).*

*Experience prior to joining AGI Legal.