Regional news: United Arab Emirates

Court confirms “unique status” of insolvency proceedings as Abraaj adjourned

The Cayman Islands Grand Court has adjourned a winding-up petition against private equity investor Abraaj Holdings for a third time, finding the applicant had failed to identify “any immediate, tangible benefit” of an official liquidation.

09 January 2019

ADGM seeks comments on recovery and resolution regulations

Abu Dhabi’s financial free zone is inviting public comments on a proposed new bank recovery regime, including tools for cross-border coordination and recognition.

09 October 2018

DIFC seeks comments on plans to adopt UNCITRAL Model Law

The Dubai International Financial Centre (DIFC) is inviting public comments on a draft insolvency law that includes a debtor-in-possession rescue process and a proposal to adopt the UNCITRAL Model Law on Cross-Border Insolvency.

01 October 2018

Corporate Restructuring Summit, Dubai: Debt-to-equity swaps in the Gulf

In an era of excessive corporate debt, how important are debt-to-equity swaps as a resolution mechanism in the Gulf? Panellists in Dubai identified some of the challenges and opportunities offered by swaps - a relatively rare restructuring tool in the region.

18 September 2018

Corporate Restructuring Summit, Dubai: An “era of transformation” for the Gulf - reforms and warnings

While governments across the Middle East are modernising their bankruptcy laws, the region’s non-performing loans should “ring the bells” of banks and regulatory authorities, delegates heard on the opening day of the Gulf Cooperation Council’s first-ever debt restructuring and NPL summit in Dubai.

12 September 2018

Corporate Restructuring Summit, Dubai: AHAB dispute will be “huge litmus test” for Saudi Arabia

The chief restructuring officer of Saudi conglomerate Ahmad Hamad Al-Gosaibi & Brothers (AHAB) says the group may use Saudi Arabia's new bankruptcy law to try and see an end to its decade-long restructuring saga, in what will be a “huge litmus test” for the Kingdom.

10 September 2018

Goldilocks settles with Noble

Embattled commodities trader Noble Group has won over its most indomitable creditor, UAE-based Goldilocks Investment Company, which has finally given its blessing to a US$3.5 billion restructuring plan.

21 June 2018

Dana Gas certificate-holders approve US$700 million sukuk restructuring

In a move set to bring its long-running restructuring saga to an end, United Arab Emirates (UAE) energy company Dana Gas says it has reached an agreement with a large majority of certificate-holders of its contentious US$700 million sukuk.

07 June 2018

English Dana Gas trial will take place by November

All but one of the outstanding issues in the long-running dispute over Dana Gas’s US$700 million sukuk will be tried in England before November, the High Court in London has ruled.

04 May 2018

UAE court contradicts English Dana Gas ruling again

In its latest contradictory order, a court in the UAE emirate of Sharjah has allowed Dana Gas to distribute dividends to shareholders, despite an earlier decision by an English court that bars the company from doing so.

18 April 2018

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