Regional news: Africa & Middle East
AHAB and Saad settle multi-billion-dollar fraud claims
Saudi conglomerates Ahmad Hamad Al-Gosaibi & Brothers and Saad Group have settled billions of dollars’ worth of fraud claims against each other, following a decade-long dispute in the Cayman Islands.
13 October 2020
Hyflux receives expression of interest from US investor
A US private equity firm has made a US$150 million investment offer to embattled Singaporean water treatment company Hyflux, days before a judicial management application is set to be heard in the Lion City’s High Court.
13 October 2020
“Open for business”: BVI court approves third party litigation funding
In the first written judgment of its kind, a British Virgin Islands court has approved third party funding agreements for litigation and other liquidation fees and expenses in relation to a multinational Ponzi scheme.
01 October 2020
Abu Dhabi court appoints Alvarez & Marsal as NMC Healthcare’s administrators
NMC Health’s UAE entities have been placed into administration in Abu Dhabi’s financial free zone, after successfully applying for protection against enforcement of debt claims this weekend.
28 September 2020
African Minerals Limited: using a scheme to unlock value for all creditors
Partner Richard Hornshaw and counsel Tom Laidler from Akin Gump Strauss Hauer & Feld’s London litigation team discuss how a Cayman litigation trust and an English scheme were used to get around creditor differences on pursuing significant litigation, in the context of the administration of an iron ore miner in Sierra Leone.
22 September 2020
English court sanctions ED&F Man’s scheme
An English court has sanctioned a scheme of arrangement for international commodity trader ED&F Man, paving the way for it to restructure debts governed by English and New York law.
09 September 2020
Mayer Brown hires partner from K&L Gates in London
The former EMEA practice group coordinator for K&L Gates’ restructuring and insolvency group has joined Mayer Brown in London, continuing the firm’s recent hiring spree.
02 September 2020
Creditors approve ED&F Man’s UK scheme
International commodity trader ED&F Man has secured unanimous backing for its UK scheme of arrangement during two creditors’ meetings.
02 September 2020
Wirecard sells assets in UK, Brazil and Germany
Scandal-hit payment processor Wirecard has agreed to sell assets in the UK, Brazil and Germany, while a Munich court has accepted its parent’s administration filing and insolvency proceedings continue in Australia and New Zealand.
01 September 2020
Sunbird seeks scheme sanctioning in England despite creditor objections
Creditors of a group that provides flexible workspaces in Africa are challenging its English scheme of arrangement, arguing they have been given “materially incomplete and inadequate” information.
26 August 2020
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