Regional news: Congo, the Democratic Republic of the

Smile Telecoms secures landmark sanction

Mauritius-registered telecoms group Smile Holdings has won sanction of its restructuring plan, after the English High Court found it had jurisdiction to alter the constitution and share capital of the company without the need for a parallel plan in its place of incorporation.

30 March 2022

Smile seeks sanction of latest plan amid creditor complaints

African telecoms group Smile Telecoms has asked the High Court in London to sanction its second restructuring plan in a year, arguing the plan is likely to be effective in its key jurisdictions of Mauritius, Nigeria and South Africa.

10 March 2022

Smile restructuring plan delayed as creditor challenges valuations

A senior lender to African telecoms group Smile Telecoms has raised last-minute valuation issues with the company’s restructuring plan, despite the English High Court finding it was out of the money last month.

28 February 2022

Another Part 26A first as Smile Telecoms secures convening hearing for sole creditor

Pan-African telecoms group Smile Telecoms has won approval to convene a plan meeting for a single creditor after convincing the English High Court to employ a never-before-used tool to exclude other plan participants because they are out of the money.

12 January 2022

Kirkland advising as Smile Telecoms prepares new UK plan

African telecoms business Smile Telecoms is gearing up to launch another UK restructuring plan in the new year, with Kirkland & Ellis advising in place of Latham & Watkins.

20 December 2021

Who can further delay adjourned meetings? Australian court weighs in

UPDATED: A court in Western Australia has issued its reasons for allowing creditors to decide whether a Congolese-Australian miner’s delayed second meeting may be adjourned again, in the face of competing deed of company arrangement proposals from interested parties.

14 April 2021

Saudi-owned telecoms group’s restructuring plan approved

Africa’s Smile Telecoms Holdings has had its UK restructuring plan sanctioned after a judge found it had fixed “the last piece of the jigsaw”: a third party whose exercise of a put option had given it the discretion on whether the plan came into effect.

30 March 2021

Telecoms group's restructuring plan sanction adjourned

UPDATED: A pan-African telecoms group’s UK restructuring plan sanction hearing has been adjourned, after a court found that the sole dissenting creditor had the discretion on whether the plan would come into effect.

19 March 2021

Administration moratorium has extraterritorial effect, Australian court rules

A BVI court has blocked the enforcement of a deed held by a local arm of Harneys, after an Australian judge found it was subject to an Australian administration moratorium that has effect in foreign jurisdictions.

26 February 2021

Australian voluntary administrators to serve claim on Harneys in BVI

In separate actions in Australia, the voluntary administrators of a Congolese gold mine owner have secured permission to serve a security interest claim on a Harneys arm in the BVI, while a Queensland court is to consider recognising a Singaporean personal bankruptcy.

23 February 2021

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