Leading UAE law firm Horizons & Co. (Horizons) is representing a Syndicate of 10 separate banks in bankruptcy proceedings before the Abu Dhabi Court against the KBBO group and others. The facilities are valued at several billion dollars.
There has recently been creditor approval for a debt restructuring plan. This comes two years after NMC Health and its founder filed for bankruptcy in an Abu Dhabi court.
The case marks one of the first instances of a large conglomerate using the UAE federal bankruptcy regime to restructure its business and is a clear indication of the growing sophistication.
Creditors have also approved Emirates Hospitals Group’s restructuring plan earlier this week. The deal allows Emirates Hospitals to stave off liquidation and paves the way for a sale of the company by 2025.
The Abu Dhabi court has to now ratify both restructurings.
The Horizons team is led by Partner Areen Jayousi and Ali Zarooni. Feel free to contact either for further details.
- Areen Jayousi
Contact phone: +971 50 284 2926
- Adv. Ali Ismael Al Zarooni
Contact phone: +971 50 631 4431