North Africa/Middle East

Results for North Africa/Middle East

Malaysia's 1MDB Denies Abu Dhabi's IPIC Pulling Out Of Debt Restructuring Plan

Malaysian state fund 1Malaysia Development Bhd said on Wednesday (Aug 26) that it strongly denies that Abu Dhabi's International Petroleum Investment Co (IPIC) is considering pulling out of a plan to help restructure 1MDB's debts. "We in f ...

Daily Headline - global.abi.org - 08/26/2015 - 20:40 - 0 comments

Geneva Prosecutor Ends Six-Year Saad/Algosaibi Probe With No Further Action

A Geneva prosecutor has closed a six-year investigation into a criminal complaint by Saudi Arabia's Ahmad Hamad Algosaibi and Brothers (AHAB) against Maan al-Sanea and two units of his Saad Group, the prosecutor's office told Reuters. Family co ...

Daily Headline - global.abi.org - 08/20/2015 - 18:40 - 0 comments

Oil Producer Afren To Be Put Under Administration

Oil producer Afren Plc said its board had decided to put the company into administration as it failed to secure support for a vital refinancing and restructuring plan, Reuters reported. Afren said earlier this month talks with bondholders, banks and its ...

Daily Headline - global.abi.org - 08/02/2015 - 22:32 - 0 comments

Dubai Realtor S&K Says Worsening Market Led To Bankruptcy

Dubai-based real estate agency S&K Estate Agents said a deteriorating property market in the emirate contributed to its decision to file for bankruptcy and be liquidated, Reuters reported. "Simply put, the revenue being generated by the business ...

Daily Headline - global.abi.org - 07/28/2015 - 20:21 - 0 comments

Kurdistan Cash Squeeze Tests Western Oil Groups

It is one of the cheapest places on earth to drill for oil — but also among the most dangerous. And, right now, Kurdistan’s intrepid band of western operators are sweating. Tumbling oil prices and a dispute over crude sales between war-torn Iraq’s federa ...

Daily Headline - global.abi.org - 07/28/2015 - 20:23 - 0 comments

Drydocks World Taps Citibank To Advise On $2.3 Billion Debt

Drydocks World has called in the American financial group Citibank to help it refinance its US$2.3 billion of debt, The National reported. DDW, under the chairmanship of Abdulrahman Al Saleh, the director general of the Dubai Department of Finance, h ...

Daily Headline - global.abi.org - 07/12/2015 - 23:40 - 0 comments

UAE Moves Towards Enacting New Insolvency Law

The long-awaited new insolvency law has taken a big step towards becoming a reality after being approved by the Cabinet, The National reported. Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, said on his website that the proposed draft ...

Daily Headline - global.abi.org - 07/06/2015 - 18:51 - 0 comments

Drydocks World Creditors Anticipate Debt Restructuring Plans

Bank creditors to Drydocks World (DDW), Dubai’s maritime engineering business, are expecting to receive proposals from the government-owned company to restructure some of the US$2.3 billion debt it refinanced in 2012, The National reported. Recent ta ...

Daily Headline - global.abi.org - 06/28/2015 - 20:31 - 0 comments

Saudi's Algosaibi Outlines New Debt Proposal To Creditors

Saudi Arabian family conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) is offering creditors a minimum return of 28 cents on every dollar owed under an enhanced proposal to end one of the Middle East's largest ever debt restructurings. The grou ...

Daily Headline - global.abi.org - 06/03/2015 - 00:02 - 0 comments

Iran's Future Bank Appeals Bahrain Decision To Take It Over

An Iranian-owned bank based in Bahrain has appealed a decision by local authorities to place it in administration, in a case showing the vulnerability of Iran's business interests in the Gulf as political tensions rise, Reuters reported. In a letter ...

Daily Headline - global.abi.org - 05/13/2015 - 22:27 - 0 comments

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