Rooftop Group International Pte. Ltd. - Financial advisor to the official creditors’ committee
Rooftop, a Singapore company, manufactured and distributed recreational drones. Facing financial difficulties and allegations of fraud and malfeasance by its CEO and Founder, the company filed for Chapter 11 bankruptcy in the Northern District of Texas in April 2019. Rooftop’s creditors and affiliates are located in many of KRyS Global’s key offshore jurisdictions including Cayman, BVI, Hong Kong and Singapore. In December of 2019 the High Court of the Republic of Singapore ruled that the U.S. bankruptcy is a foreign non-main proceeding.
Our integrated team of global professionals has been retained to assist the Official Committee of Unsecured Creditors with evaluating plan feasibility and identifying probable causes of action against the Founder/CEO, agents of the debtor, and other related parties by way of a Rule 2004 examination.
The plan of reorganization contemplates a litigation trust that will be administered by KRyS Global. Litigation funding will most certainly be required to pursue viable claims and causes of action.
The matter is ongoing, though KRyS Global’s expertise in restructuring and cross-border asset recovery has already helped uncover and substantiate numerous probable causes of action, better positioning the post-confirmation trust to secure litigation financing and successfully pursue these claims.