Regional news: Saudi Arabia
Financial Restructuring MENA, Abu Dhabi: a wish list for the future
Specialist insolvency judges, greater clarity on the priority status of new money and better understanding and cooperation between onshore and offshore regimes: speakers from law and advisory firms, funds and banks in the Middle East provided food for thought for future restructuring reforms in the UAE and Saudi Arabia.
16 March 2023
Latham’s Saudi restructuring leader to join Addleshaw in Riyadh
Addleshaw Goddard has recruited Latham & Watkins counsel Amar Meher to lead its restructuring, banking and finance practices in Saudi Arabia.
15 March 2023
Saudi adds cross-border bankruptcy rules based on UNCITRAL Model Law
New procedures for recognising and enforcing foreign bankruptcies have been introduced in Saudi Arabia for the first time, which one local lawyer tells GRR should help to encourage investment in the country.
19 January 2023
Bahraini bank’s liquidators seek recognition in Cayman and England
Charles Russell Speechlys is seeking recognition of its appointment as liquidator of Bahraini investment bank Awal in the Cayman Islands and England, one month after a Bahraini court ordered the bank’s liquidation following a decade-long administration.
13 December 2022
DWF hires in Riyadh
London-listed international firm DWF has recruited a new partner in Riyadh from Saudi industrial investments company Dussur, who has credits on several restructurings in the MENA region.
02 November 2022
Teneo hires new leaders in the US and Saudi Arabia
Teneo has appointed new leaders in the US and Saudi Arabia from lender and credit asset manager Golub Capital and financial services group Swicorp.
19 May 2022
Deloitte, Latham and LawArche complete Saudi construction group restructuring
A pair of Saudi Arabian construction and contracting companies have completed restructurings under the Kingdom’s four-year-old financial reorganisation regime, with the help of Deloitte, Latham & Watkins and Middle East-focused firm LawArche.
13 April 2022
English court permits service of bankruptcy petition on Saudi prince
A Kuwaiti telecoms company may finally serve a two-year-old English bankruptcy petition on a Saudi prince, after the High Court reasoned the prince’s name being registered for council tax in London meant he had a place of residence there.
05 April 2022
US$2bn Saudi restructuring marks first local use of perpetual sukuk
Updated: King & Spalding, Deloitte and Latham & Watkins have helped close the US$2 billion restructuring of Saudi Arabian construction group Azmeel Contracting under the kingdom’s four-year-old bankruptcy law, in what is the first time perpetual sukuk have been used for a Saudi restructuring.
04 February 2022
Saad liquidators lose appeal against Saudi bank
The liquidators of Cayman fund Saad Investments Company have again been stopped from clawing back US$318 million worth of shares transferred to a Saudi bank, after failing to overturn the dismissal of their “knowing receipt” claim in the UK.
27 January 2022