Regional news: Africa & Middle East
Quantuma expands into the Middle East
Eight months after launching its first Cayman Islands office, UK-headquartered Quantuma has expanded its international footprint again with a new office in Dubai.
10 September 2021
AHAB secures historic restructuring settlement
Saudi Arabia’s new bankruptcy law has been praised after Ahmad Hamad Algosaibi & Brothers (AHAB) finally reached a US$7.5 billion settlement with creditors following 12 years of legal disputes around the world.
09 September 2021
McLeod Russel secures appeal against Indian insolvency
The chairman of global tea producer McLeod Russel India has won an appeal hearing against a National Company Law Tribunal order that placed the company into an insolvency process earlier this month.
27 August 2021
Steinhoff strikes tentative deal with large investor group
One of retail conglomerate Steinhoff’s largest creditors, which successfully claimed it breached South African law, has accepted a revised global settlement offer “in principle”, while the group has amended its South African scheme to block another disgruntled creditor from voting.
25 August 2021
ArcelorMittal sues Essar over “fraudulent conveyance”
Luxembourg-headquartered steel producer ArcelorMittal is suing Indian conglomerate Essar Group in New York, accusing it of thwarting a US$1.4 billion arbitral award by causing a Mauritian subsidiary’s insolvency.
20 August 2021
NMC group update reveals creditor vote date
The NMC group has announced it will hold meetings of creditors for its 35 deeds of company arrangement on 1 September, in a detailed update also noting the various proceedings it has been pursuing - and fighting - in onshore and offshore courts across the UAE.
13 August 2021
NCLTea: Global tea producer forced into insolvency proceedings
India’s National Company Law Tribunal has accepted a creditor’s corporate insolvency resolution application against the world’s largest tea grower, after the company defaulted on a loan agreement.
09 August 2021
US recognition sought for fugitive investor’s Israeli insolvency
The trustee of an American-born fugitive who allegedly orchestrated a “complex and massive cross-border fraud” has sought recognition of his Israeli insolvency proceedings in New York.
04 August 2021
Teneo hires new valuation head in London
Two months after acquiring Deloitte’s UK restructuring arm, New York-headquartered advisory firm Teneo has hired Alvarez & Marsal managing director Martin Drummond to lead its valuation advisory practice in London.
30 July 2021
Heads Up: Grant Thornton UK’s Africa group leader Amaechi Nsofor
Partner and head of Grant Thornton’s Africa insolvency & asset recovery offering Amaechi Nsofor speaks to GRR about the challenges of enforcing securities and judgments in Africa, why he expects creditors with assets in the region to turn to funding solutions, and how Grant Thornton’s asset recovery fund represents a "first mover" advantage.
29 July 2021