Regional news: Africa & Middle East

Kuwait telecoms company allowed to serve second bankruptcy petition on Saudi prince

A Kuwaiti telecoms group has won permission to serve a second bankruptcy petition on a Saudi prince after he again failed to convince the High Court in London he has no place of residence in the UK.

19 May 2023

UAE national cannot dodge Dubai personal guarantee, English court rules

Government-owned bank Emirates NBD has been permitted to enforce a Dubai court order in London against a UAE national who personally guaranteed a corporate loan, then transferred his UK assets to his son when the bank sought to enforce the debt.

17 May 2023

Dubai-headquartered tech company faces liquidation in Cayman

Chicago-based investment bank Loop Capital Markets is seeking to wind up a Dubai-headquartered electrical vehicle company it says has failed to pay fees racked up when it completed a SPAC process last year.

12 May 2023

Kroll opens in South Africa with EY hires

EY’s restructuring strategy leader for Africa has joined Kroll to launch a new office in Johannesburg as the firm looks to capitalise on increased lender and fund activity in the region.

20 April 2023

Middle Eastern healthcare group facing Cayman winding up

Dentons is advising Dubai-based private equity firm Regulus Capital as it seeks to wind up Middle Eastern healthcare services provider Avivo Group in the Cayman Islands.

20 April 2023

Chinese property group faces New York suit over “highly suspicious” missed payments

A group of offshore bondholders advised by Kobre & Kim has filed a claim against Chinese real estate developer Glory Health Industry in New York, claiming it has missed several payments on its senior notes since last July.

19 April 2023

Stay lifted for Greek shipping group while contested Ch7 continues

Weeks after three noteholders filed an involuntary Chapter 7 proceeding against Greek shipping group Eletson, a New York court has lifted the resultant automatic stay to allow the alleged debtor to move forward with an arbitration.

17 April 2023

Dutch court appoints Steinhoff WHOA observers

The Dutch parent of South African retail conglomerate Steinhoff has secured court approval to appoint partners from Houthoff and Mediation Kamer Amsterdam to act as observers in its recently announced WHOA restructuring.

06 April 2023

Credit Suisse bondholders to choose lawyers

With Credit Suisse bondholders set to decide who to instruct following the wipe-out of their AT1 bonds, lawyers have been setting out their litigation strategies, including plans to argue that Switzerland's financial regulator was wrong to claim there was a “viability event” at the bank earlier this month.

27 March 2023

Steinhoff prepares for WHOA restructuring

South African retail conglomerate Steinhoff is preparing for a possible Dutch WHOA process, after shareholders voted against a restructuring plan to extend looming debt maturities.

27 March 2023

Unlock unlimited access to all Global Restructuring Review content