Regional news: Congo, the Democratic Republic of the

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

Saudi-owned African telecoms group seals UK plan meetings

A pan-African telecoms group that shifted its COMI from Mauritius to England in January has filed restructuring plan proceedings in London to secure new money to tide it over while it completes a sales process.

19 February 2021

No guarantees: Tiger Resources Unpacked

Featured in Unpacked

GRR investigates how the Australian parent of a Congolese copper miner became the first company in the common law world to implement a guarantor’s scheme of arrangement, against a “well-funded, well-advised” opposing creditor and where restructuring in the Democratic Republic of the Congo or England was deemed possible, but impractical.

12 February 2021

Aussie copper miner completes first guarantor’s scheme, bypasses Gibbs rule with declaration

King & Wood Mallesons has helped the parent of a copper miner complete the first guarantor’s scheme of arrangement in Australia, restructuring English law-governed debts and getting around the Gibbs rule with a declaration from an English court.

29 June 2020

Congolese bank wins summary judgment against Travelex in England

The Democratic Republic of Congo’s largest bank has obtained a US$60 million summary judgment against struggling foreign exchange company Travelex in England, following a breach of contract over a supply of bank notes.

25 June 2020

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