Regional news: Africa & Middle East
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
Latham & Watkins re-hires partner in Dubai
Latham & Watkins has re-hired a partner in Dubai after he spent four years in-house at Dubai Holding, the global investment company of the Emirate's ruler.
26 July 2021
GÖRG partner appointed over kitchenware company
Germany-based kitchenware company Neue Alno has filed for insolvency for the second time in four years, with GÖRG partner Holger Leichtle appointed as provisional trustee.
19 July 2021
NMC Healthcare administrators prep for London arbitration
NMC Healthcare’s ADGM administrators and Dubai Islamic Bank have agreed to a London arbitration to resolve their disputes over insurance receivables the bank claims it is entitled to as security.
16 July 2021