Regional news: Africa & Middle East

Saad liquidators lose share transfer claim against Saudi bank

The liquidators of Cayman fund Saad Investments Company have been stopped from clawing back US$318 million worth of shares that its founder transferred to a Saudi bank after the fund’s collapse over a decade ago.

18 January 2021

HFW hires from Clyde & Co in Dubai

HFW’s fraud and insolvency team in Dubai, which is advising the Abu Dhabi Commercial Bank in NMC Healthcare’s administration, has gained a new disputes partner from Clyde & Co.

04 January 2021

Air Berlin fails to block English Etihad litigation on appeal

Air Berlin’s administrator must face an English challenge to his €2 billion German contract breach claim against Etihad Airways, after a London appeal court ruled that EU law allowed the dispute to be heard in England under an “asymmetric” jurisdiction clause.

18 December 2020

Sunbird’s second scheme sanctioned as court accepts imperfections

Flexible workspace provider Sunbird has won an English court order sanctioning its scheme of arrangement, despite the court accepting that parts of the explanatory documentation provided to creditors were inaccurate.

17 December 2020

Dutch subsea services provider wins UK restructuring plan meetings

Netherlands-registered subsea services provider DeepOcean Group has secured meetings for four classes of creditors to vote on its UK restructuring plans, which could lead to the first cross-class cram down challenge at a sanction hearing next month.

15 December 2020

Former Steinhoff CRO Heis returns to KPMG

KPMG’s former global head of restructuring Richard Heis has returned to the Big Four firm, three years after he retired from its partnership.

07 December 2020

Ropes & Gray hires second Kirkland partner in London

Kirkland & Ellis special situations partner Samuel Norris has moved to Ropes & Gray in London – six months after restructuring partner Matt Czyzyk made the same move.

02 December 2020

UAE construction firm Arabtec to enter insolvent liquidation

Shareholders of the Middle East's largest contractor, Arabtec, have announced it will file for liquidation “at the earliest opportunity”, despite a small group among them making a last-ditch restructuring proposal on Monday.

01 December 2020

Centerbridge-linked funds set to challenge Steinhoff’s UK scheme

South African retail conglomerate Steinhoff has won court approval to convene two meetings for creditors to vote on its latest English scheme of arrangement – but funds controlled by distressed investor Centerbridge Partners are preparing to oppose it.

26 November 2020

Zambian court halts miner’s liquidation while arbitration proceeds

A Zambian court has reportedly blocked winding-up proceedings for a copper mining joint venture between a local state-owned entity and the UK’s Vedanta Holdings, pending the resolution of an arbitration between the parties.

24 November 2020

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