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