Regional news: United Arab Emirates

Abu Dhabi’s NMC Health seeks US recognition to halt class actions

Scandal-hit Middle Eastern healthcare chain NMC Health is seeking recognition of its English administration proceedings in Delaware, in an effort to block two class actions launched by stockholders in California.

01 June 2020

English company to serve winding-up on Finablr in Abu Dhabi

An English design consultancy has won permission from a UK court to serve a winding-up petition on scandal-hit financial services holding company Finablr in Abu Dhabi.

26 May 2020

DLA Piper advising administrators of scandal-hit NMC Health

DLA Piper partners Chris Parker and Peter Somekh are advising a trio from Alvarez & Marsal as joint administrators of Abu-Dhabi-based healthcare chain NMC Health, which has been engulfed in accusations of fraudulent accounting.

14 April 2020

Moelis, PwC and A&O brought in for US$2bn NMC Health restructuring

Abu Dhabi-based healthcare chain NMC Health has hired Allen & Overy, Big Four firm PwC, and global investment bank Moelis & Company to advise on its US$2 billion debt restructuring, following allegations of discrepancies in its finances.

02 March 2020

Hyflux deadlines extended for debt buyout and creditor claims

Singaporean investor Aqua Munda has extended the deadline for Hyflux’s noteholders and unsecured creditors to tender their debt buyout offers.

05 February 2020

Hyflux appoints Clifford Chance

One day after WongPartnership applied to discharge itself as counsel to Hyflux, the struggling Singaporean utility has appointed Clifford Chance and its local partner Cavenagh Law as its new legal advisors.

30 January 2020

WongPartnership seeks discharge from Hyflux restructuring

Struggling Singaporean utility Hyflux has secured another month-long extension to its debt moratorium after WongPartnership applied to discharge itself as counsel to the company, with Norton Rose Fulbright or Milbank primed to take over.

29 January 2020

Doncasters Group seeks recognition in Delaware

Three days after the High Court in London convened a pair of scheme meetings for its first- and second-lien lenders, Dubai-owned alloy manufacturer Doncasters Group has filed Chapter 15 proceedings in Delaware.

21 January 2020

Hyflux seeks proofs of claim while new investor offers debt buyout

Singapore’s struggling water treatment company Hyflux has asked creditors to file proofs setting out their claims, as it looks to convene scheme meetings to vote on its restructuring deal with UAE utility Utico.

10 January 2020

Indonesian investor granted leave to pursue Hyflux counterclaim

An Indonesian white knight investor that allegedly broke off a restructuring plan with Singaporean water treatment company Hyflux has been granted leave to pursue a counterclaim against the company while its restructuring moratorium continues.

07 October 2019

Get unlimited access to all Global Restructuring Review content