Regional news: Africa & Middle East

Abu Dhabi’s financial free zone is inviting public comments on a proposed new bank recovery regime, including tools for cross-border coordination and recognition.

09 October 2018

Texas-headquartered retailer Mattress Firm has filed for Chapter 11 protection in Delaware, blaming its financial difficulties on a “cannibalisation” of sales among stores following a rapid expansion of the business.

08 October 2018

The Dubai International Financial Centre (DIFC) is inviting public comments on a draft insolvency law that includes a debtor-in-possession rescue process and a proposal to adopt the UNCITRAL Model Law on Cross-Border Insolvency.

01 October 2018

In an era of excessive corporate debt, how important are debt-to-equity swaps as a resolution mechanism in the Gulf? Panellists in Dubai identified some of the challenges and opportunities offered by swaps - a relatively rare restructuring tool in the region.

18 September 2018

While governments across the Middle East are modernising their bankruptcy laws, the region’s non-performing loans should “ring the bells” of banks and regulatory authorities, delegates heard on the opening day of the Gulf Cooperation Council’s first-ever debt restructuring and NPL summit in Dubai.

12 September 2018

The chief restructuring officer of Saudi conglomerate Ahmad Hamad Al-Gosaibi & Brothers (AHAB) says the group may use Saudi Arabia's new bankruptcy law to try and see an end to its decade-long restructuring saga, in what will be a “huge litmus test” for the Kingdom.

10 September 2018

The Libyan Investment Authority has applied to discharge an English court’s three-year-old receivership order, saying doubts over the country’s legitimate government have now been resolved.

30 August 2018

Embattled South African retail conglomerate Steinhoff is planning to implement a restructuring of its European group in England, with two of its Austria-based subsidiaries having relocated their principal place of business to the UK.

21 August 2018

Joint administrators have been appointed over African cement maker ARM Cement after Nigeria-headquartered UBA Bank led a charge of the company’s commercial lenders seeking to recover over Sh14.4 billion (US$140 million).

20 August 2018

Struggling South African conglomerate Steinhoff has nominated former PwC partner Paul Copley to its supervisory board, a week after it emerged that a Johannesburg-based corporate boutique had launched a class action against the company and linked parties.

17 August 2018