Regional news: United Arab Emirates

English court sanctions ED&F Man’s scheme

An English court has sanctioned a scheme of arrangement for international commodity trader ED&F Man, paving the way for it to restructure debts governed by English and New York law.

09 September 2020

Creditors approve ED&F Man’s UK scheme

International commodity trader ED&F Man has secured unanimous backing for its UK scheme of arrangement during two creditors’ meetings.

02 September 2020

Wirecard sells assets in UK, Brazil and Germany

Scandal-hit payment processor Wirecard has agreed to sell assets in the UK, Brazil and Germany, while a Munich court has accepted its parent’s administration filing and insolvency proceedings continue in Australia and New Zealand.

01 September 2020

Quinn Emanuel and Kirkland advising as NMC plans administration in Abu Dhabi

Scandal-hit UAE hospital operator NMC Healthcare is planning to file for administration in Abu Dhabi’s financial free zone, four months after its London-listed holding company entered administration in England.

20 August 2020

Travelex completes restructuring with pre-pack administration

London-headquartered foreign exchange company Travelex has completed its restructuring after joint administrators from PwC were brought in to sell some of the group’s UK entities to its senior secured noteholders.

07 August 2020

Hyflux banks prepare judicial management application

An unsecured group of Hyflux’s bank lenders are preparing an application to place it under judicial management, while the embattled Singaporean company has also received new proposals from US and UAE investors.

28 July 2020

Bermuda court extends injunction to prevent risk of Gupta asset claim dissipation

A Bermudian court has extended a Mareva injunction against a locally-registered commodities trader, finding there was a risk of dissipation of its only realisable asset – a claim in the South African restructuring of a coal mine formerly owned by the Gupta family.

27 July 2020

Duff & Phelps hires new restructuring head for the Middle East & Africa

Advisory firm Duff & Phelps has hired the former head of KPMG Middle East’s deal advisory group to lead its global restructuring practice in the Middle East and Africa.

21 July 2020

ADGM enhances insolvency law with priority financing for administrators

Officials in Abu Dhabi’s financial free zone have enacted amendments to the insolvency framework for its English-language courts, including the addition of new priority financing measures.

16 July 2020

Sidley and Akin Gump advising as Travelex strikes restructuring deal

London-headquartered foreign exchange company Travelex has reached a restructuring agreement that will see its creditors take control and inject it with £84 million in new liquidity.

08 July 2020

Get unlimited access to all Global Restructuring Review content