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MENA’s Pre-Eminent Financial Restructuring Summit Returns to Dubai This September

Dubai: Middle East Global Advisors, a leading financial intelligence platform spearheading the development of knowledge-based economies in the MENASEA markets, will convene The 2nd Annual Corporate Restructuring Summit (CRS 2019) – the MENA region’s pre-eminent Debt Restructuring and NPL-focused Summit, in strategic partnership with Abu Dhabi Global Market (ADGM) on September 11-12 at the Address Dubai Mall in Dubai, UAE.


Addressing the theme of “Emergence of New Alliances: Managing Debt & Non-Performing Loans”, the summit’s vision is to facilitate an enabling environment to address the key challenges associated with financial restructuring of corporate debts, effective management of non-performing assets and enabling capital adequacy and profitability through exploring mergers & acquisitions.

As a strategic partner of the Summit, Steve Barnett, Executive Director, Business Development, Abu Dhabi Global Market said, “In today’s complex and increasingly volatile marketplace, companies need a stable and conducive environment to grow their businesses. As an innovative and progressive International Financial Centre, ADGM provides a holistic suite of business and licensing solutions, a robust regulatory platform and world-class legislation for entities and corporates to operate efficiently, restructure their business effectively and achieve their ambition in Abu Dhabi, the Middle East and beyond. We look forward to meeting the banks, corporates, funds and restructuring specialists to discuss and exchange insights of current challenges of restructuring and strategic reorganisation of finance and debt-related matters.”

Following the oil price slump in 2014, numerous industry sectors – predominantly oil & gas, real estate and construction experienced substantial liquidity shortage, leaving corporates heavily invested in these sectors and reliant on Government spending with diminishing profits and an inability to service existing debt exposures and project finances, spiking up the region’s NPL portfolios. In consequence, corporate workouts and financial restructuring have become the norm to aid organizations with troubled balance sheets to combat debt delinquencies and defaults.

The recent wave of restructuring reforms in the GCC with UAE issuing the Bankruptcy Law in 2016 – the first of its kind in the region and one at par with international insolvency standards – aims at modernising the existing regime to offer debtors greater opportunities for reorganisation, provide simplified liquidation process, ensure fair treatment of creditors, all of which will boost investor confidence enabling FDIs into the region. Economic stability continues to be a high-priority for the UAE with His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minster of the UAE and Ruler of Dubai, enacting a new DIFC Insolvency Law that will come into effect in August 2019 as it aims at balancing the needs of all stakeholders in the context of distressed and bankruptcy related situations in DIFC.

Adding to the ongoing wave of regulatory reforms in GCC’s financial sector, Saudi Arabia and Bahrain introduced their respective bankruptcy laws in 2018, encouraging corporate reorganisation over liquidation. In Saudi Arabia, with the National Transformation Programme 2020 and Vision 2030 setting the stage for major transformation with the aim of optimizing the Kingdom’s business & investment climate, the Bankruptcy Law was introduced as part of Saudi Arabia’s regulatory reforms with the aim of further strengthening the Kingdom’s business environment. To broaden the perspective on Saudi Arabia’s transformation drive, the summit will see an Opening Keynote address by Dr. Fahad Alshathri, Deputy Governor – Supervision, Saudi Arabian Monetary Authority (SAMA) assessing the state of the credit market and measuring the impact of corporate debt on the global and regional economy. The summit will also play host to Mr. Majed Al-Rasheed, Secretary General, Bankruptcy Commission as he shares insights in the Regulators’ Panel focusing on Driving economic growth via FDIs, M&As and minimizing bad debt portfolios.

Among the first organizations to avail and benefit from the Saudi Bankruptcy Law, was Ahmad Hamad Algosaibi & Brothers (AHAB), in their bid to achieve successful financial restructuring involving 100+ creditors, following a 10-year long settlement process. Speaking ahead of the Exclusive CEO’s panel, Simon Charlton, Chief Restructuring Officer & Acting Chief Executive Officer, Ahmad Hamad Algosaibi & Brothers said, “The process of social and economic reform in Saudi Arabia under the guidance of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz continues with pace. One of the more significant economic/business developments in the past twelve months has been the enactment of the new Bankruptcy law. Since the beginning of 2019 we have seen the first uses of the New Saudi Arabian Bankruptcy Law; debtors and creditors are availing themselves of the tools and protections of this new law. There are a number of very high profile cases currently before the courts and this is a serious and robust test of this new law and there is significant interest in Saudi Arabia and internationally as to how effective the new procedures for protective settlement, financial restructuring and liquidation will be and how the courts and the various professionals involved particularly Bankruptcy trustees will perform.”

Speaking ahead of the regulators panel, Adnan Ahmed Yousif, Chairman, Bahrain Association & Banks and President & Chief Executive, Al Baraka Banking Group expressed, “In the wake of several countries that have had the misfortune of succumbing to the aftermath of a financial crisis, difficulties faced by financial institutions and corporates, and resulted accumulation of NPLs, the 2nd Annual Corporate Restructuring Summit gains substantial importance for both financial institutions and regulators and other governmental bodies. I am honored to be part of an esteemed panel and look forward to discuss Bahrain’s efforts in fostering a supportive environment for businesses in varying stages of its lifecycle, a strong factor that will attract FDIs into the region. In addition, I would like to discuss the different strategies adopted by Bahraini Banks to combat the challenge of NPLs, asset quality and capital adequacy.”

If the challenge of rising non-performing assets is not addressed, it can cripple banks’ cash flows and lending abilities, with serious negative consequences reflected throughout the economy. As banks look for ways to clean their balance sheet and dispose non-core assets, they drive opportunities for mergers and acquisitions (M&As) and establishment of distressed loan sale market for potential buyers and sellers.

Speaking ahead of the panel on Managing NPL portfolios & driving down regional average, Manoj Chawla, Group Chief Risk Officer, Emirates NBD said, “As the MENA market becomes more sophisticated with respect to debt restructurings there are new and innovative solutions to address the NPL portfolio of local lenders. We are increasingly seeing local lenders explore portfolio-based solutions, debt for equity swaps, secondary market sales and litigation financing as means to address their ever growing NPL books. The local banks are now also better equipped than earlier to deal with distressed situations with experienced work out teams and more advanced risk management procedures. Lenders are also identifying issues early and seeking to work with their customers to address problems in an objective manner.”

Key Industry Veterans from leading banks and corporates will headline The Corporate Restructuring Summit 2019 as it aims to spearhead discussions gravitating around the three high-stake areas of effective NPL management, debt restructuring and Mergers & Acquisitions.The confirmed industry leaders at the summit include: Dr. Fahad Alshathri, Deputy Governor – Supervision, Saudi Arabian Monetary Authority (SAMA); Tareq A. Al-Sadhan, Chief Executive Officer, Riyad Bank; Richard Hinchley, Chief Risk Officer, The Saudi British Bank (SABB); Mike Grant, Chief Restructuring Officer, Drake & Scull; David McDiarmid, Partner, Resolute Asset Management; Bruno Navarro, Senior Adviser, Rothschild, Managing Director, IPSO FACTO; Richard Clarke, Senior Vice President – Business Development and Mergers & Acquisitions, GEMS Education; Mohammed Riaz, Head of Financial Restructuring Department, Kuwait Finance House Bahrain; Esteban Buljevich, Head of Special Assets & Restructuring Department, Abu Dhabi Commercial Bank; Naveed Kamal, Corporate Bank Head Middle East & North Africa (MENA), Citi; Amine Antari, Managing Director, Kroll & Sassan Hatam, Partner, Roland Berger, among others.

Key Features at CRS 2019 include: Keynote Addresses on bolstering economic growth in the MENA by fostering a conducive environment for doing business & transaction forecasts for MENA 2021; Exclusive CEO’s Panel analyzing some of MENA’s biggest workouts; Regulators Panel on driving economic growth via FDIs, M&As and minimizing bad debt portfolios; Key Panels focused on mergers, acquisitions and divestiture, distressed investing and NPL servicing platforms, managing NPL portfolios and driving down regional average & more.

Partners at CRS 2019 include Resolute Asset Management, Eyad Reda Law Firm, Roland Berger, Kroll & Omni Bridgeway. The summit’s Bankruptcy Regulatory Partner is Bankruptcy Commission, Association Partner is Saudi Banks while CNBC Arabia is the Official Broadcast Partner.

The summit is expected to draw participation from over 300 prominent banks, corporates, legal-advisory firms, hedge funds, investment banks and debt restructuring specialists from across the MENA onto one platform by spearheading actionable debate, impactful change and high-level outcomes.

To find out more about CRS 2019, please visit: www.crs19.com

Join the global conversation on Twitter at: @CorpRS #CorpRestructure19

ABOUT THE CORPORATE RESTRUCTURING SUMMIT (CRS)
The Corporate Restructuring Summit is an initiative of Middle East Global Advisors, the first of its kind that aims to explore innovative approaches to corporate debt restructuring and NPL management in context of the complex market dynamics in the Middle East North Africa (MENA) region. The summit will gather banks, corporates, legal-advisory firms and debt restructuring specialists from across the MENA onto one platform by spearheading actionable debate, impactful change and high-level outcomes.

To find out more, visit www.crs19.com  or follow us on Twitter @CorpRS

ABOUT MIDDLE EAST GLOBAL ADVISORS (MEGA)
Connecting markets with intelligent insights & strategic execution since 1993

Middle East Global Advisors (MEGA) is the leading gateway connectivity and intelligence platform to Islamic finance opportunities in the rapidly developing economic region that stretches all the way from Morocco in the West to Indonesia in the East- The Middle East North Africa Southeast Asia (MENASEA) connection. For 26 years, our exclusive focus on achieving business results for the Islamic finance industry has enabled us to create significant value for the leading players in the Islamic banking, finance and investment markets.

Visit us at www.meglobaladvisors.com  or follow us on Twitter @meglobaladvisor

Aanchal Dhawan
Marketing Manager
Middle East Global Advisors
Tel: +971 4 441 4946
Email: aanchal@meglobaladvisors.com

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Manolete Partners Announces New Revolving Credit Facility with HSBC Bank

By Harry Moran |

Manolete Partners Plc (AIM:MANO), the leading UK-listed insolvency litigation financing company, is pleased to announce it has signed a new Revolving Credit Facility ("RCF") with its existing provider, HSBC UK Bank Plc ( "HSBC"). 

The new RCF provides Manolete with the same level of facility as the previous arrangement, at £17.5m. However, the margin charged to Manolete by HSBC on the new RCF is at a reduced rate of 4.0% (previously 4.7%) over the Sterling Overnight Index Average (SONIA) and has a reduced non-utilisation fee, from 1.88% to 1.40%. 

The new RCF is a 3.25-year facility with an initial maturity of 27 June 2028. Manolete has the option to further extend the facility on its current terms by an additional year. 

The covenants remain unchanged except for the Asset Cover covenant which has been relaxed for the next six months. 

Steven Cooklin, CEO commented: "We are delighted to have secured a new long-term commitment to the business from HSBC, which is testament to the strong partnership we have established since 2018. The improved terms of the facility demonstrate confidence in the Manolete business." 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). 

Announcements Commercial Deals

Angeion Group Expands Mass Tort Litigation Management Capabilities Through Merger with Case Works

By Harry Moran |

Angeion Group (“Angeion”), the industry leader in end-to-end group litigation support, announced today its merger with Case Works, a premier provider of case data management solutions, including client engagement, medical record retrieval, medical review, and inventory analysis. Neutral, but never passive, this strategic integration of Case Works reinforces Angeion’s forward thinking approach to providing seamless tech-enabled support for complex litigation firms and leading law departments, with efficiency and precision.

The merger of Angeion and Case Works follows majority investments into both companies by private equity firm Renovus Capital Partners (“Renovus”) in 2024. Angeion also acquired bankruptcy administration solutions provider Donlin Recano in late 2024. Renovus worked alongside the companies’ founders and management teams to unify the businesses and deliver a seamless experience for clients and employees throughout the integration.

Case Works has earned a reputation of excellence by ensuring accuracy, completeness, and applicability of case data to support legal requirements. By combining their core capabilities with Angeion’s advanced technology and data-driven approach, this merger further solidifies Angeion’s position as the most trusted partner for navigating complex, high-stakes litigation and settlements.

Effective large-scale litigation and settlements rely on comprehensive, well-organized data and the ability to apply that data effectively within the context of a particular project. Combining Case Works’ proven excellence in capturing and managing critical case information with Angeion Group’s expertise in technology, process efficiency and claims management, provides a more structured, more transparent, and more effective approach to large-scale litigation and settlement management.

“Case Works brings deep expertise and a proven track record of supporting firms with large data and medical record retrieval needs. They are known for their dedication to precision, care and bedside manner,” said Steven Weisbrot, CEO of Angeion Group. “Together, we are raising the bar for what clients can expect—faster, more accurate processes and a commitment to white glove service.”

Angeion Group and Case Works share a common vision: to set the new standard for how large-scale litigation and group settlement support can combine technological efficiency with thoughtful human interaction. Both organizations are driven by a commitment to innovation, precision, and efficiency and are mindful that litigants should expect and receive compassion and respect throughout the group litigation process. This merger will elevate industry standards and ensure that all parties, their council, and the courts benefit from a more streamlined, thoughtful and effective process.

“We’re excited to join forces with Angeion Group,” said Susan Barfield, Founder of Case Works. “Their commitment to innovation and client service aligns perfectly with our own, and we look forward to delivering even greater value to the firms and clients we support.”

“We’re honored to have partnered with these leading companies, building upon our strong track record in tech-enabled legal services,” added Lee Minkoff, Managing Director at Renovus. “We’d also like to thank founders Steve Weisbrot and Susan Barfield for their leadership throughout this game changing merger for the group litigation support industry.”

Angeion remains steadfast in its mission to completely modernize and optimize complex litigation management to the benefit of all stakeholders.

About Case Works

Case Works is the leading provider of tech-enabled litigation support solutions to the country’s premier plaintiff law firms. Based in Austin, Texas, the Company was created with a single mission: To Help Lawyers Help People. Case Works provides a full suite of case management services including claims qualification, intake, medical records retrieval & review, case development, and ongoing plaintiff engagement.

About Angeion Group

Angeion Group is a leading provider of legal notice and settlement administration services, leveraging advanced technology, proven best practices, and expert consulting to manage class actions, mass torts, and collective redress administration. Recognized for its innovation, efficiency, and unwavering client commitment, Angeion Group continues to redefine industry standards.

Announcements Commercial Deals

Moneypenny Unites Under One Brand as It Celebrates 25 Years of Excellence

By Harry Moran |

Moneypenny, the world’s customer conversation expert, proudly marks 25 years of delivering exceptional service and innovation. As part of this milestone, Moneypenny is unifying all of its brands across the US, including VoiceNation, Alphapage, Sunshine Communication Services, and Choice Voice, under one internationally recognized name. 

This transition reinforces Moneypenny’s dedication to a clear and dynamic future for its clients and people while reflecting the values and passion that have driven its success. Started in 2000 after a pivotal missed phone call resulted in a missed business opportunity, Moneypenny has since delivered world-class customer conversations to thousands of global businesses. Over the past 10 years, Moneypenny has expanded its presence across the US, growing under the Moneypenny, VoiceNation, Alphapage, Sunshine Communication Services, andChoice Voicebrands. Now, all will operate under the beloved Moneypenny brand in its Atlanta and Miami offices, as well as virtually in hubs across the country. This unification enhances the ability to offer seamless customer communication solutions and strengthens Moneypenny’s position as the world’s customer conversation experts. 

“As we celebrate 25 years of service, we are excited to express more clearly and concisely our passion to those we serve. By bringing the best of all of our businesses together under one brand, we make it easier for businesses to see the full range of solutions we offer, while also enhancing opportunities for our people. This transition underscores Moneypenny’s commitment to excellence, innovation, and a unified global strategy.” said Richard Culberson, CEO of Moneypenny North America. 

"As a company proudly headquartered in Wrexham UK, a city with a rich history and a growing international profile, Moneypenny is proud to represent that same spirit of fellowship, excellence, and focus on what matters most, people,” said Jesper With-Fogstrup, Group CEO of Moneypenny. “Just as Wrexham soccer has captured hearts across the US, Wrexham’s own Moneypenny has captured hearts by connecting businesses, technology, and people on both sides of the pond. We couldn’t be more excited to have all our teams driven by this shared spirit."

To mark its silver anniversary, Moneypenny will celebrate with a throwback “year 2000” prom for its US teams – a tribute not only to Moneypenny’s remarkable quarter-century history, but also to a time before smartphones, live chat, and a global pandemic put companies on call 24-7. By embracing a unified brand, celebrating its legacy, and continuing to invest in its people and AI-driven solutions, Moneypenny is setting the stage for an even stronger future.

About Moneypenny

As the world’s customer conversation experts, Moneypenny’s unique blend of brilliant people and AI technology integrates seamlessly to deliver customer conversations that unlock valuable opportunities for businesses, 24/7. Available across all voice and text channels, Moneypenny responds to and fulfils requirements for thousands of UK and US clients who value their reputation and recognize that the key to sustainable growth is working with a partner who allows them to scale in an agile way. This year, Moneypenny proudly celebrates 25 years of service, having been named one of the “100 Best Companies to Work For” seven times and earning recognition as a Great Place To Work (GPTW). Moneypenny was also named as ‘Best Global Support’ in The Forbes Advisor - The Best Answering Services of 2024.