Regional news: Africa & Middle East
Dutch subsea services provider wins UK restructuring plan meetings
Netherlands-registered subsea services provider DeepOcean Group has secured meetings for four classes of creditors to vote on its UK restructuring plans, which could lead to the first cross-class cram down challenge at a sanction hearing next month.
15 December 2020
Former Steinhoff CRO Heis returns to KPMG
KPMG’s former global head of restructuring Richard Heis has returned to the Big Four firm, three years after he retired from its partnership.
07 December 2020
Ropes & Gray hires second Kirkland partner in London
Kirkland & Ellis special situations partner Samuel Norris has moved to Ropes & Gray in London – six months after restructuring partner Matt Czyzyk made the same move.
02 December 2020
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
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