Regional news: United Arab Emirates

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

UK Supreme Court hears Marex reflective loss arguments

The rule against reflective loss is “driving litigants away from the seat of justice,” lawyers for UK foreign exchange broker Marex have told the UK Supreme Court as they seek to overturn a Court of Appeal ruling from June last year.

08 May 2019

DIFC recognises BVI liquidator

The courts of the Dubai International Financial Centre have recognised a British Virgin Islands court’s appointment of a liquidator for the first time.

29 March 2019

Singapore court refuses to extend CNA Group’s judicial management order

The judicial manager of Singapore-incorporated CNA Group has been refused a seventh request to extend a judicial management order originally issued in September 2015, after an agreement entered with Malaysian buyers fell through.

20 March 2019

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

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