Dirk Behnsen

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.

NY markets under attack or relief for sovereign issuers? (IFLR.com, August 10, 2023)
Sri Lanka debt restructuring woes: no end in sight (IFLR.com, November 16, 2022)
Sri Lanka debt restructuring woes no end in sight (Winter 2022 edition of the International Financial Law Review)
Worse Things Happen at Sea? - Genting Hong Kong Limited (Second Quarter 2022 edition of INSOL World (the quarterly journal of INSOL International))

Connect

+852 9865 1303
dirk.behnsen@dechert.com Send email
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Hong Kong Office

Dechert, 31/F Jardine House, One Connaught Place, Central, Hong Kong, Hong Kong
- +852 9865 1303
- +852 3518 4777

Services

Financial Restructuring

- Hanse Law School, LL.B.
- University College London, LL.M.
- England and Wales
- Hong Kong
- Ireland (non-practising)
- English
- German