The decline in commodity prices has badly impacted the resource and shipping sectors worldwide. There have been a significant number of defaults on bonds listed on the Singapore Exchange, which includes those of many foreign entities. The flip side of having a wall of corporate debt maturing in the next few years for the economy is that there is perhaps quite a bit of debt restructuring work on the horizon. Anticipating this, reforms to enable Singapore to become an international centre for debt restructuring were introduced in the Companies (Amendment) Act 2017, and these came into force in May 2017. This article discusses the likelihood of success of the reforms, which include widening restructuring jurisdiction and introducing some Chapter 11 characteristics, in light of the complexities of cross-border restructuring.

中文翻译：

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重组新加坡的债券市场

大宗商品价格下跌严重影响了全球资源和航运业。在新加坡交易所上市的债券发生了大量违约，其中包括许多外国实体的违约。对于经济而言，未来几年公司债务墙将到期的另一面是，可能会有相当多的债务重组工作即将展开。有鉴于此，2017 年《公司（修订）法》引入了使新加坡成为国际债务重组中心的改革，这些改革于 2017 年 5 月生效。 本文讨论了改革成功的可能性，其中包括扩大重组鉴于跨境重组的复杂性，引入了第 11 章的一些特征。