Regional news: Africa & Middle East
UAE construction firm Arabtec to enter insolvent liquidation
Shareholders of the Middle East's largest contractor, Arabtec, have announced it will file for liquidation “at the earliest opportunity”, despite a small group among them making a last-ditch restructuring proposal on Monday.
01 December 2020
Centerbridge-linked funds set to challenge Steinhoff’s UK scheme
South African retail conglomerate Steinhoff has won court approval to convene two meetings for creditors to vote on its latest English scheme of arrangement – but funds controlled by distressed investor Centerbridge Partners are preparing to oppose it.
26 November 2020
Zambian court halts miner’s liquidation while arbitration proceeds
A Zambian court has reportedly blocked winding-up proceedings for a copper mining joint venture between a local state-owned entity and the UK’s Vedanta Holdings, pending the resolution of an arbitration between the parties.
24 November 2020
Business rescue not available for foreign companies in South Africa
An Italian construction company has failed to open business rescue proceedings in South Africa, after an appellate court found the process was not open to foreign companies, while also refusing to recognise its Italian restructuring.
23 November 2020
Borrelli Walsh appointed as Hyflux enters judicial management
After a two-and-a-half year restructuring saga, struggling Singaporean utility Hyflux has been placed into judicial management with immediate effect.
16 November 2020
Dubai court recognises NMC Healthcare administration
A court in Dubai’s financial free zone has recognised NMC Healthcare’s Abu Dhabi administration and ordered a stay on proceedings filed against the company – while the administrators have initiated a negligence action against EY in England.
11 November 2020
Validity Finance hires former Kirkland partner in Houston
US-Israeli litigation funder Validity Finance has hired former Kirkland & Ellis partner Sarah Williams as portfolio counsel in Houston, as demand for bankruptcy-related funding increases.
09 November 2020
English court sanctions KCA Deutag’s scheme
International oil and gas services company KCA Deutag has secured court sanction of its English scheme, which its lawyers say is likely to be given effect in Russia, Oman, Norway, Germany and the US.
05 November 2020
KPMG head of advisory moves to FTI Consulting in Dubai
FTI Consulting has hired KPMG’s head of advisory in Dubai to lead its Middle East restructuring practice.
29 October 2020
Sunbird wins convening hearing despite class composition dispute
After its original scheme documentation was rejected as “misleading” in September, flexible workspace provider Sunbird has won a convening order for a single meeting of creditors to vote on a new scheme.
28 October 2020