Regional news: Africa & Middle East

South African telecoms group seeks Chapter 15 relief

A South African telecoms company that branded itself a “consumer champion” in the race to expand data access to low income customers in the country has sought US recognition of its court-supervised restructuring.

28 June 2017

UAE’s Dana Gas asks Emirates court to declare English law-governed bond illegal

A month after starting negotiations to restructure a US$700 million Islamic bond, Dana Gas, the biggest gas producer in the Middle East, has announced that the instrument is incompatible with Shari’a law and obtained stays on enforcement from courts in the UAE and the British Virgin Islands (BVI).

16 June 2017

White & Case, Bowmans advising Kenya Airways on capital restructuring

White & Case in London and Bowmans in Nairobi have been advising Kenya’s struggling flagship airline as it nears the completion of a capital restructuring.

19 May 2017

Liquidators of alleged Australian-Israeli tax evasion scheme seek US relief

The liquidators of four companies alleged to have been used to conceal the wealth amassed by an Australian family through a lucrative juice business have sought assistance from US courts under Chapter 15.

15 May 2017

Regulatory round-up: Swiss and German law changes, new bills introduced in US and Egypt

Switzerland and Germany have made changes to their bank recovery legislation and clawback rules respectively, while legislators in Egypt and the US have introduced new bankruptcy bills before lawmakers.

21 March 2017

Avoidance in US bankruptcy not extraterritorial, affirms New York court

Avoidance provisions within the US Bankruptcy code were not intended to apply extraterritorially, a New York Judge has written in a decision that blocks a Chapter 7 trustee from recovering payments made to an Israeli law firm by a bankrupt US holdings company.

13 February 2017

Edcon completes US$2.1 billion debt restructuring

South African clothing retailer Edcon has finalised the restructuring of its 29 billion rand (US$2.1 billion) debt burden following court approvals in Johannesburg and New York.

07 February 2017

Supreme Court blocks US$318m Saad Investments claim

The UK Supreme Court has blocked attempts by the liquidators of collapsed Cayman investment fund Saad to claim for its estate US$318 million in shares transferred by Saudi billionaire Maan Al-Sanea to a Saudi bank, six weeks after the fund collapsed in 2009.

02 February 2017

PwC loses expenses claim for nixed Saad and Singularis orders

A majority in the UK Privy Council has denied claims from PricewaterhouseCoopers for costs incurred to fulfill a pair of disclosure orders in aid of liquidations in the Cayman Islands before the orders were nixed on jurisdictional grounds.

18 November 2016

Regulatory roundup: China’s new bankruptcy regime

In recent reforms to bankruptcy laws around the world, China has made a bold play in response to its economic downturn, India has tackled too-big-to-fail, and the UK has released an update to its long-standing insolvency legislation.

31 October 2016

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