Regional news: Africa & Middle East

European digital technologies group seeks recognition in New York

The CEO of Paris-registered digital technologies specialist Ymagis has applied for recognition of its French insolvency proceedings in New York, just months after it agreed a €52 million restructuring.

29 July 2020

Hyflux banks prepare judicial management application

An unsecured group of Hyflux’s bank lenders are preparing an application to place it under judicial management, while the embattled Singaporean company has also received new proposals from US and UAE investors.

28 July 2020

Bermuda court extends injunction to prevent risk of Gupta asset claim dissipation

A Bermudian court has extended a Mareva injunction against a locally-registered commodities trader, finding there was a risk of dissipation of its only realisable asset – a claim in the South African restructuring of a coal mine formerly owned by the Gupta family.

27 July 2020

African Minerals scheme sanctioned in London

The High Court of Justice in London has sanctioned a scheme for mining company African Minerals, despite only four unsecured creditors voting at the scheme meeting last week.

27 July 2020

Duff & Phelps hires new restructuring head for the Middle East & Africa

Advisory firm Duff & Phelps has hired the former head of KPMG Middle East’s deal advisory group to lead its global restructuring practice in the Middle East and Africa.

21 July 2020

African Minerals creditors back English scheme

Creditors of Bermuda-registered mining company African Minerals have voted to approve its English scheme to resolve a creditor conflict about claims the company may bring against China’s Shandong Iron and Steel Group.

21 July 2020

Weil partner moves to Shearman & Sterling in London

Shearman & Sterling has hired Weil Gotshal & Manges partner Alex Wood in London, as firms around the globe continue to prepare for a coronavirus-induced wave of restructurings.

17 July 2020

ADGM enhances insolvency law with priority financing for administrators

Officials in Abu Dhabi’s financial free zone have enacted amendments to the insolvency framework for its English-language courts, including the addition of new priority financing measures.

16 July 2020

Sidley and Akin Gump advising as Travelex strikes restructuring deal

London-headquartered foreign exchange company Travelex has reached a restructuring agreement that will see its creditors take control and inject it with £84 million in new liquidity.

08 July 2020

NMC Health-linked KBBO appoints restructuring advisers in Abu Dhabi

Abu Dhabi-based investment group KBBO has brought in Cleary Gottlieb and local firm Hadef & Partners to advise it on a restructuring, citing concerns about its exposure to scandal-hit healthcare chain NMC Health.

01 July 2020

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