Regional news: Africa & Middle East

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

English court rejects second IVA after good faith breach

An English judge has ordered a British property tycoon into bankruptcy after four years of proceedings, refusing to adjourn for his second proposed individual voluntary arrangement where the largest creditor would be voting for an outcome it had little interest in.

17 July 2019

Advertising tech company’s bankruptcy gets Chapter 15 recognition

Ernst & Young has obtained Chapter 15 protection for a Toronto-based advertising technology company, which it said was hit by Facebook’s deletion of over a billion fake accounts.

21 June 2019

Financial services employee declared bankrupt after absconding with nearly US$3 million

A former employee of a New Zealand foreign exchange and payments services company who fled to Singapore after transferring its funds to accounts he controlled, has been declared bankrupt in a case that has already sparked asset-recovery proceedings in New Zealand, Singapore, Belgium Lithuania and South Africa.

18 June 2019

Indian miner seeking arbitration over Zambian provisional liquidation

One of Africa’s biggest copper producers is facing winding-up proceedings in Zambia, triggering an international arbitration threat from Vedanta Resources, its Indian majority owner.

05 June 2019

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