Kirkland Advises Noteholders on PT Modernland Realty’s Successful US$290 Million Restructuring

Kirkland & Ellis advised the key noteholders on the successful restructuring of approximately US$290 million of offshore notes guaranteed by PT Modernland Realty Tbk, a leading Indonesian real estate group.

The restructuring became effective on September 30, 2026, following the Singapore Court's sanction of a pre-packed scheme of arrangement on September 17, 2026.

The transaction features an innovative restructuring solution combining new money financing with a bespoke debt-for-land swap mechanism, establishing a framework through which Indonesian land assets will be transferred into a creditor-controlled special purpose vehicle for the benefit of noteholders.

This transaction marks another significant mandate in Indonesia for Kirkland and further reinforces the firm's leading restructuring practice in Southeast Asia and its role advising on many of the region's most complex cross-border restructurings.

The Kirkland team included restructuring lawyers Wei-Yang Lim, Anthony Wijaya, Yvette Zhou and Lynn Pang.