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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