Regional news: Africa & Middle East

Clifford Chance, A&O and Akin Gump advising on commodity trader’s UK scheme

An international commodity trader has secured court approval to convene meetings for its creditors to vote on a UK scheme of arrangement, with Clifford Chance, A&O and Akin Gump taking roles.

11 August 2020

Travelex completes restructuring with pre-pack administration

London-headquartered foreign exchange company Travelex has completed its restructuring after joint administrators from PwC were brought in to sell some of the group’s UK entities to its senior secured noteholders.

07 August 2020

Skadden, Akin Gump and Milbank advising as Noble enters Chapter 11

London-headquartered offshore drilling contractor Noble Corporation has filed Chapter 11 proceedings in Texas, after entering a US$3.4 billion restructuring agreement with two ad hoc groups of its bondholders.

03 August 2020

Quantuma sold to UK advisory firm

UK advisory firm K3 Capital has acquired corporate recovery specialist Quantuma, which has offices in the UK, Cyprus and Mauritius.

03 August 2020

European digital technologies group seeks recognition in New York

The CEO of Paris-registered digital technologies specialist Ymagis has applied for recognition of its French insolvency proceedings in New York, just months after it agreed a €52 million restructuring.

29 July 2020

Hyflux banks prepare judicial management application

An unsecured group of Hyflux’s bank lenders are preparing an application to place it under judicial management, while the embattled Singaporean company has also received new proposals from US and UAE investors.

28 July 2020

Bermuda court extends injunction to prevent risk of Gupta asset claim dissipation

A Bermudian court has extended a Mareva injunction against a locally-registered commodities trader, finding there was a risk of dissipation of its only realisable asset – a claim in the South African restructuring of a coal mine formerly owned by the Gupta family.

27 July 2020

African Minerals scheme sanctioned in London

The High Court of Justice in London has sanctioned a scheme for mining company African Minerals, despite only four unsecured creditors voting at the scheme meeting last week.

27 July 2020

Duff & Phelps hires new restructuring head for the Middle East & Africa

Advisory firm Duff & Phelps has hired the former head of KPMG Middle East’s deal advisory group to lead its global restructuring practice in the Middle East and Africa.

21 July 2020

African Minerals creditors back English scheme

Creditors of Bermuda-registered mining company African Minerals have voted to approve its English scheme to resolve a creditor conflict about claims the company may bring against China’s Shandong Iron and Steel Group.

21 July 2020

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