Regional news: Africa & Middle East

DIFC court declines to recognise Abu Dhabi personal bankruptcy

A court in the Dubai International Financial Centre, which recently signed up to the UNCITRAL Model Law, has refused to recognise the Abu Dhabi personal bankruptcy proceedings of the chairman of investment group KBBO, criticising his trustees.

16 February 2022

US$2bn Saudi restructuring marks first local use of perpetual sukuk

Updated: King & Spalding, Deloitte and Latham & Watkins have helped close the US$2 billion restructuring of Saudi Arabian construction group Azmeel Contracting under the kingdom’s four-year-old bankruptcy law, in what is the first time perpetual sukuk have been used for a Saudi restructuring.

04 February 2022

Saad liquidators lose appeal against Saudi bank

The liquidators of Cayman fund Saad Investments Company have again been stopped from clawing back US$318 million worth of shares transferred to a Saudi bank, after failing to overturn the dismissal of their “knowing receipt” claim in the UK.

27 January 2022

Steinhoff's global settlement approved

South African retail conglomerate Steinhoff can begin to finally make payments to investors that lost out when its share price collapsed in 2017, after a court in Cape Town sanctioned its former holding company’s scheme.

24 January 2022

Teneo opens in the Middle East with AlixPartners hires

Teneo has launched a restructuring team in the Middle East with hires from AlixPartners, one week after it recruited pre-pack pioneer Jay Goffman in New York.

24 January 2022

Alvarez & Marsal hires new bank restructuring co-head from AlixPartners

AlixPartners’ head of distressed financial services has joined Alvarez & Marsal to co-lead its European bank restructuring practice in London, while the firm has also made nine promotions in its restructuring group around the world.

20 January 2022

Another Part 26A first as Smile Telecoms secures convening hearing for sole creditor

Pan-African telecoms group Smile Telecoms has won approval to convene a plan meeting for a single creditor after convincing the English High Court to employ a never-before-used tool to exclude other plan participants because they are out of the money.

12 January 2022

Offshore marine operator Ezion Holdings to wind down

Singapore-listed offshore marine operator Ezion Holdings says it plans to enter liquidation after an investment from a Malaysian energy infrastructure company fell through and it failed to complete a US$1.6 billion restructuring.

07 January 2022

AHAB loses “complex and arduous” Cayman fraud appeal

Saudi conglomerate Ahmad Hamad Algosaibi & Brothers has lost its appeal against a Cayman Islands court ruling that found it conspired with its former head of investment to “perpetrate one of the largest Ponzi schemes in history” – bringing an end to over 12 years of litigation.

22 December 2021

Kirkland advising as Smile Telecoms prepares new UK plan

African telecoms business Smile Telecoms is gearing up to launch another UK restructuring plan in the new year, with Kirkland & Ellis advising in place of Latham & Watkins.

20 December 2021

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