Dirk Behnsen is a counsel in Dechert’s financial restructuring practice. He has more than a decade of experience in the Asian-Pacific market and is based in Hong Kong. Mr. Behnsen specializes in restructuring and insolvency matters with a particular focus on representing key stakeholders throughout the Asia-Pacific region, including insolvency officeholders, creditors (financial institutions, bondholders and other private credit investors), corporate debtors, directors and others in a wide variety of complex cross-border matters both on the contentious and non-contentious side across a broad range of industry sectors. 

Mr. Behnsen brings strong technical and commercial expertise to both front-end transactional and back-end insolvency matters, including distressed M&A transactions, acting for both private equity and trade purchasers as well as insolvency practitioners as sellers.

Key Matters

  • A Hong Kong listed company on successful restructuring and resumption of trading of through parallel schemes of arrangement in Hong Kong and Bermuda following a capital injection by a PRC ‘white knight’ investor. 
  • Provisional liquidators of a Hong Kong listed company on the restructuring of the group and its paper and packaging manufacturing business in the PRC and a potential resumption of trading on the Hong Kong Stock Exchange. Advice led to a settlement of several hundred million Hong Kong dollars with a financial institution involved in the misappropriation of funds by the company's former management.
  • An ad hoc group representing more than 30 bank lenders and credit support providers in both Europe and Asia in connection with the US$3.3 billion debt restructuring of several syndicated and bilateral facilities made available to a cruise line operator listed on the Hong Kong Stock Exchange.
  • Indonesia’s largest listed coal mining company on a strategic investment, taking the lead on restructuring a US$1.9 billion debt of a sovereign wealth fund.
  • A Hong Kong company on restructuring debt of approximately HK$700 million owed to various financial institutions via a scheme of arrangement.
  • Indonesian telecoms provider in connection with the restructuring of its US$380 million bonds.
  • A Hong Kong based undergarment manufacturer on the conclusion of a multi-bank workout of bilateral loans in excess of US$100 million resulting in full recovery of exposures by banks. 
  • Liquidators of the Hong Kong subsidiary of an insolvent U.S. investment bank on the adjudication of creditors’ claims. 
  • Two development agencies through a complex standstill/forbearance arrangement with an Indonesian shipping company.

Includes matters handled at Dechert or prior to joining the firm.

    • A Brazilian conglomerate owing expedited repayments of over US$52 million to a global financial institution, successfully negotiated resulting in a full recovery.
    • A syndicate of banks in connection with the recovery of approximately US$135 million and the winding up of the publicly listed borrower.
    • A U.S. alternative energy investment fund in its restructuring of its syndicated loan advanced to a series of solar energy projects in the Philippines.
    • Singapore/Hong Kong listed company on a high-profile restructuring and related winding-up proceedings brought in Hong Kong, the British Virgin Islands and the Cayman Islands.
    • A financial institution in connection with the sale of a distressed loan position together with the disposal of a real estate asset /assisted living facility in the PRC.
    • Receivers appointed by a syndicate of lenders to a major Chinese conglomerate and successfully negotiated their early retirement in connection with a refinancing of the syndicated loan.
    • The bond trustee of RMB 2.5 billion bonds issued by a PRC issuer in connection with the occurrence of a change of control and put event and the PRC issuer’s payment default.
    • The bond trustees of US$160,000,000, US$260,000,000 and certain RMB-denominated USD-settled convertible bonds in connection with the occurrence of a non-payment event of default and the contemplated restructuring of the issuer's outstanding debt via parallel schemes of arrangement.
    • The bond trustee of US$150,000,000 guaranteed notes on the occurrence of certain events of default, acceleration of the notes and subsequent recovery of approximately US$142 million.
    • The bond trustee of a series of publicly listed notes on enforcement proceedings.

    Includes matters handled at Dechert or prior to joining the firm.