Regional news: Africa & Middle East

Hyflux seeks proofs of claim while new investor offers debt buyout

Singapore’s struggling water treatment company Hyflux has asked creditors to file proofs setting out their claims, as it looks to convene scheme meetings to vote on its restructuring deal with UAE utility Utico.

10 January 2020

Steinhoff sells off British and Australian retailers

Scandal-hit South African conglomerate Steinhoff has sold the group behind British retailers Bensons for Beds and Harveys Furniture, as well as the merchandise division of its Australasian subsidiary, owner of Debenhams Australia.

22 November 2019

Administrators of Nigerian gas group complete pre-pack sale in England

Administrators from EY in London and Grant Thornton in Mauritius have completed the pre-packaged sale of Nigerian gas group Seven Energy, with a host of city firms advising.

19 November 2019

Cayman court authorises Saad distributions pending AHAB appeal

After over a decade of waiting, creditors of a Saad Group holding company are to receive distributions in the wake of Saudi conglomerate Ahmad Hamad Algosaibi & Brothers’ failed US$4 billion Cayman fraud litigation – even as AHAB’s appeal in the case remains underway.

22 October 2019

Indonesian investor granted leave to pursue Hyflux counterclaim

An Indonesian white knight investor that allegedly broke off a restructuring plan with Singaporean water treatment company Hyflux has been granted leave to pursue a counterclaim against the company while its restructuring moratorium continues.

07 October 2019

Mozambique creditors approve Eurobond restructuring

Creditors holding most of Mozambique’s US$726.5 million outstanding Eurobond have approved the government’s debt restructuring proposals, according to the country’s finance ministry.

11 September 2019

Sovereign debt column: Is this time different for Sub-Saharan Africa?

Cleary Gottlieb Steen & Hamilton partner Sui-Jim Ho discusses the current spiralling debt levels in Africa and argues that there is not necessarily the same cause for concern as there was in the past.

30 August 2019

West African gold miner enters English administration

West African gold miner Avocet has appointed joint administrators from Duff & Phelps in London, one week after its shareholders voted against placing the company into a members’ voluntary liquidation.

22 August 2019

Steinhoff’s European subsidiaries complete €9bn restructuring

Scandal-hit South African retail group Steinhoff has announced the completion of its €9 billion European restructuring, but the news has failed to stop its share price falling below 1 Rand for the first time.

20 August 2019

Hogan Lovells partner takes team to Fasken in South Africa

Canadian firm Fasken has enhanced its insolvency and restructuring group in South Africa with four new hires from Hogan Lovells.

06 August 2019

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