Regional news: Africa & Middle East
ADGM enhances insolvency law with priority financing for administrators
Officials in Abu Dhabi’s financial free zone have enacted amendments to the insolvency framework for its English-language courts, including the addition of new priority financing measures.
16 July 2020
Sidley and Akin Gump advising as Travelex strikes restructuring deal
London-headquartered foreign exchange company Travelex has reached a restructuring agreement that will see its creditors take control and inject it with £84 million in new liquidity.
08 July 2020
NMC Health-linked KBBO appoints restructuring advisers in Abu Dhabi
Abu Dhabi-based investment group KBBO has brought in Cleary Gottlieb and local firm Hadef & Partners to advise it on a restructuring, citing concerns about its exposure to scandal-hit healthcare chain NMC Health.
01 July 2020
Aussie copper miner completes first guarantor’s scheme, bypasses Gibbs rule with declaration
King & Wood Mallesons has helped the parent of a copper miner complete the first guarantor’s scheme of arrangement in Australia, restructuring English law-governed debts and getting around the Gibbs rule with a declaration from an English court.
29 June 2020
African Minerals secures scheme hearing in England
African Minerals, a Bermuda-registered mining company in administration in the UK, has won court approval to hold a scheme meeting to help it resolve a creditor conflict about whether it should pursue claims against a Chinese steel group.
29 June 2020
Congolese bank wins summary judgment against Travelex in England
The Democratic Republic of Congo’s largest bank has obtained a US$60 million summary judgment against struggling foreign exchange company Travelex in England, following a breach of contract over a supply of bank notes.
25 June 2020
Abu Dhabi’s NMC Health wins US recognition
Scandal-hit Middle Eastern healthcare chain NMC Health has won recognition of its English administration proceedings in Delaware, after its foreign representatives from Alvarez & Marsal received no objections to their motion for final relief.
25 June 2020
MoFo advising as Air Mauritius wins UK recognition
The joint administrators of Mauritian flag carrier Air Mauritius have won UK recognition of its local insolvency proceedings, along with additional relief against creditor actions under the UK’s Insolvency Act.
22 June 2020
Pinsent Masons recruits new banking head from Norton Rose Fulbright in Dubai
Norton Rose Fulbright partner Matthew Escritt has joined Pinsent Masons as its regional head of banking in Dubai, as many of the UAE’s formal restructurings are set to be postponed until next year in light of the pandemic.
12 June 2020
Abu Dhabi’s NMC Health seeks US recognition to halt class actions
Scandal-hit Middle Eastern healthcare chain NMC Health is seeking recognition of its English administration proceedings in Delaware, in an effort to block two class actions launched by stockholders in California.
01 June 2020
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