Regional news: Africa & Middle East

Angolan-owned energy company enters bankruptcy in Amsterdam

UPDATED: A Dutch energy company owned by scandal-hit Angolan billionaire Isabel dos Santos has been placed into bankruptcy in the Netherlands.

22 September 2021

Quantuma expands into the Middle East

Eight months after launching its first Cayman Islands office, UK-headquartered Quantuma has expanded its international footprint again with a new office in Dubai.

10 September 2021

AHAB secures historic restructuring settlement

Saudi Arabia’s new bankruptcy law has been praised after Ahmad Hamad Algosaibi & Brothers (AHAB) finally reached a US$7.5 billion settlement with creditors following 12 years of legal disputes around the world.

09 September 2021

McLeod Russel secures appeal against Indian insolvency

The chairman of global tea producer McLeod Russel India has won an appeal hearing against a National Company Law Tribunal order that placed the company into an insolvency process earlier this month.

27 August 2021

Steinhoff strikes tentative deal with large investor group

One of retail conglomerate Steinhoff’s largest creditors, which successfully claimed it breached South African law, has accepted a revised global settlement offer “in principle”, while the group has amended its South African scheme to block another disgruntled creditor from voting.

25 August 2021

ArcelorMittal sues Essar over “fraudulent conveyance”

Luxembourg-headquartered steel producer ArcelorMittal is suing Indian conglomerate Essar Group in New York, accusing it of thwarting a US$1.4 billion arbitral award by causing a Mauritian subsidiary’s insolvency.

20 August 2021

NMC group update reveals creditor vote date

The NMC group has announced it will hold meetings of creditors for its 35 deeds of company arrangement on 1 September, in a detailed update also noting the various proceedings it has been pursuing - and fighting - in onshore and offshore courts across the UAE.

13 August 2021

NCLTea: Global tea producer forced into insolvency proceedings

India’s National Company Law Tribunal has accepted a creditor’s corporate insolvency resolution application against the world’s largest tea grower, after the company defaulted on a loan agreement.

09 August 2021

US recognition sought for fugitive investor’s Israeli insolvency

The trustee of an American-born fugitive who allegedly orchestrated a “complex and massive cross-border fraud” has sought recognition of his Israeli insolvency proceedings in New York.

04 August 2021

Teneo hires new valuation head in London

Two months after acquiring Deloitte’s UK restructuring arm, New York-headquartered advisory firm Teneo has hired Alvarez & Marsal managing director Martin Drummond to lead its valuation advisory practice in London.

30 July 2021

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