Regional news: Africa & Middle East

Court confirms “unique status” of insolvency proceedings as Abraaj adjourned

The Cayman Islands Grand Court has adjourned a winding-up petition against private equity investor Abraaj Holdings for a third time, finding the applicant had failed to identify “any immediate, tangible benefit” of an official liquidation.

09 January 2019

ADGM seeks comments on recovery and resolution regulations

Abu Dhabi’s financial free zone is inviting public comments on a proposed new bank recovery regime, including tools for cross-border coordination and recognition.

09 October 2018

Steinhoff subsidiary Mattress Firm files pre-packaged Chapter 11 in Delaware

Texas-headquartered retailer Mattress Firm has filed for Chapter 11 protection in Delaware, blaming its financial difficulties on a “cannibalisation” of sales among stores following a rapid expansion of the business.

08 October 2018

DIFC seeks comments on plans to adopt UNCITRAL Model Law

The Dubai International Financial Centre (DIFC) is inviting public comments on a draft insolvency law that includes a debtor-in-possession rescue process and a proposal to adopt the UNCITRAL Model Law on Cross-Border Insolvency.

01 October 2018

Corporate Restructuring Summit, Dubai: Debt-to-equity swaps in the Gulf

In an era of excessive corporate debt, how important are debt-to-equity swaps as a resolution mechanism in the Gulf? Panellists in Dubai identified some of the challenges and opportunities offered by swaps - a relatively rare restructuring tool in the region.

18 September 2018

Corporate Restructuring Summit, Dubai: An “era of transformation” for the Gulf - reforms and warnings

While governments across the Middle East are modernising their bankruptcy laws, the region’s non-performing loans should “ring the bells” of banks and regulatory authorities, delegates heard on the opening day of the Gulf Cooperation Council’s first-ever debt restructuring and NPL summit in Dubai.

12 September 2018

Corporate Restructuring Summit, Dubai: AHAB dispute will be “huge litmus test” for Saudi Arabia

The chief restructuring officer of Saudi conglomerate Ahmad Hamad Al-Gosaibi & Brothers (AHAB) says the group may use Saudi Arabia's new bankruptcy law to try and see an end to its decade-long restructuring saga, in what will be a “huge litmus test” for the Kingdom.

10 September 2018

Libya’s sovereign wealth fund wants out of UK receivership

The Libyan Investment Authority has applied to discharge an English court’s three-year-old receivership order, saying doubts over the country’s legitimate government have now been resolved.

30 August 2018

Steinhoff to launch restructuring in England

Embattled South African retail conglomerate Steinhoff is planning to implement a restructuring of its European group in England, with two of its Austria-based subsidiaries having relocated their principal place of business to the UK.

21 August 2018

Cracks deepen for Kenyan cement maker

Joint administrators have been appointed over African cement maker ARM Cement after Nigeria-headquartered UBA Bank led a charge of the company’s commercial lenders seeking to recover over Sh14.4 billion (US$140 million).

20 August 2018

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