Regional news: Africa & Middle East

Pacific International Lines secures creditor backing for unique scheme

Creditors of Southeast Asia’s largest shipping liner, Pacific International Lines, have approved an unusual scheme that the company’s lawyers say was negotiated outside Singapore’s typical moratorium process to avoid another Hanjin blowout.

02 February 2021

Centerbridge-linked investor urges English court to reject Steinhoff scheme

The terms of a global settlement of litigation claims against Steinhoff are “manifestly unfair”, according to a US investor that has urged the High Court in London not to sanction the South African conglomerate’s latest scheme.

27 January 2021

Steinhoff seeks UK scheme sanction as US investor files rival Dutch action

On the first day of a sanction hearing for Steinhoff’s latest English scheme it has emerged that an opposing party affiliated with distressed investor Centerbridge Partners has filed rival proceedings under the new Dutch WHOA process.

26 January 2021

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

Get unlimited access to all Global Restructuring Review content