North Africa/Middle East

Results for North Africa/Middle East

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

Bahrain Central Bank Puts Iran-Linked Bank, Insurer Into Administration

Bahrain's central bank said on Thursday it had placed two Iran-linked companies, Future Bank and Iran Insurance Co, into administration to protect the rights of depositors and policyholders, Reuters reported. In a brief statement, the central bank d ...

Daily Headline - global.abi.org - 04/30/2015 - 21:43 - 0 comments

Saudi Cable Signs SR640 Million Debt Restructuring Deal

Saudi Cable Company has signed a deal with three of its main lenders to restructure SR640 million ($170.7 million) of debt, it said in a statement, Arab News reported. The debt will be restructured over a period not exceeding eight years, it said wit ...

Daily Headline - global.abi.org - 04/23/2015 - 23:00 - 0 comments

Hadef & Partners Legal Highlights

35 YEARS LEADING THE UAE LEGAL PROFESSION Just as the UAE has grown and developed since its formation in 1971, so have we. This year Hadef & Partners celebrates 35 years since its formation. In this our first newsletter of 2015, we would like to ex ...

Resource Article - twallace@abiwor... - 04/06/2015 - 08:43 - 0 comments - 0 attachments

Secured Creditors Of Espirito Santo Dubai Unit To Get 82.7 Percent Payout

Liquidators for ES Bankers (Dubai) Ltd (ESBD) have estimated they will pay out 82.7 percent of the $93.5 million owed to depositors in the stricken bank, advisory firm Deloitte said on its website, Reuters reported. However, unsecured creditors of the Du ...

Daily Headline - global.abi.org - 03/23/2015 - 20:36 - 0 comments

UAE Insolvency Law Closer To Reality

At the start of a new year, the UAE’s lawyers, bankers, small business owners and, indeed, government officials, are still waiting for the country’s new insolvency bus – sorry, law –to arrive. But the signs are that after many years of standing at the bu ...

Daily Headline - global.abi.org - 01/28/2015 - 22:37 - 0 comments

UAE Insolvency Law: Priority For Business Growth

Towards the end of last year, it was announced that the UAE’s long anticipated reform of the insolvency reform bill was reaching its final stages prior to implementation, Emirates 24/7 reported. The legal framework was drawn up following the establishmen ...

Daily Headline - global.abi.org - 01/25/2015 - 22:36 - 0 comments

Dubai's Limitless Nears Creditor Assent For Debt Extension

Dubai government-owned property developer Limitless has secured the agreement of 85 percent of its creditors for a three-month extension to a debt repayment due at the end of 2014 and for a proposed restructuring plan, its chairman said, Reuters reported ...

Daily Headline - global.abi.org - 01/21/2015 - 23:32 - 0 comments

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