Milbank LLP advised Lightstorm, the pan‑Asia cloud‑network platform owned by global infrastructure investor I Squared Capital, on its distressed acquisition of three strategic subsea‑cable assets: JGA North, significant portions of JGA South (held by RTI Connectivity Pte. Ltd. and RTI JGA Pte. Ltd.), and a stake in the SEA‑US cable owned by RAM Telecom International, Inc. Together the routes span roughly 21,000 km and deliver about 64 Tbps of lit capacity, creating the only low‑latency corridor that directly connects the continental United States, Guam, Japan and Australia while bypassing mainland China.
The acquisition was implemented through parallel receiverships in Delaware and Singapore, with additional insolvency and regulatory clearances in multiple jurisdictions. Lightstorm (via its special purpose vehicles) first purchased the targets’ secured debt, then used a credit‑bid to convert that debt into ownership, demonstrating a loan‑to‑own strategy that is becoming a hallmark of special‑situations M&A.
“The multifaceted transaction involved acquiring assets from a distressed borrower across several highly regulated jurisdictions and coordinating multiple layers of insolvency regimes, stakeholders and lenders,” said lead partner Jacqueline Chan. “It showcases Milbank’s ability to orchestrate simultaneous equity and creditor stakeholder management in distress situations, insolvency and licensing processes worldwide and highlights our special‑situations and M&A strengths in digital infrastructure.”
The Milbank team was led by partner Jacqueline Chan and special counsel Min Kim, and comprised associates Erin Zhang, Stephanie Kam, Hua Chan, Andre Seah, Abril Kang and Kris Singh in Singapore; partner Aled Davies, special counsel Aaron Mundy and associate Dan Miyagishi in Tokyo; and partner Patrick S. Campbell with associates Darren Fernandez and Erica E. Herrera in Washington, DC.
