Restructuring
&
Insolvency

OVERVIEW:

At ASAR we act for banks, professional advisors, directors and members of companies, partnerships and individuals including both creditors and debtors in every aspect of restructuring and insolvency, whether corporate or personal, contentious or non-contentious.

We offer a first rate, efficient, expedient and economic service based on our thorough knowledge of the subject and the unrivalled experience of our team.

We regularly provide advice to companies, directors, lenders and other stakeholders on the financial restructuring of companies. Our experience includes providing advice in respect of debt-to-equity swaps, restructuring or re-scheduling of senior, mezzanine and unsecured loans and other financial instruments including bonds and swap arrangements.

We have significant experience in formal restructuring mechanisms such as voluntary arrangements and schemes of arrangement as well as informal bi-lateral negotiations. Our team also has very considerable experience in dealing with every aspect of insolvency in respect of the disposal and recovery of assets, antecedent transactions, and all aspects of insolvency whether of a contentious or non-contentious nature.

EXPERIENCE:

  • Currently assisting Kuwait Pipe Industries and Oil Services Company (KPOC) for the provision of legal advisory services regarding the proposed consensual restructuring of KPOC’s debt obligations (approximately KD 114 million).
  • Assisted Global Investment House, one of Kuwait’s largest investment houses, with the re-restructuring of its debts (approximately USD 1.7 billion). ASAR’s role included advising Global and its advisors on strategies and Kuwait laws, drafting legal documentation, and reviewing transactional documents.
  • Provided legal advice on the restructuring of USD 475 million Euro Shari`ah compliant Sukuk with investors from the GCC, Europe and Asia. ASAR advised the client on all aspects of the deal including the term sheet, engagement letters, consent solicitations, compliance and disclosure requirements, and assisted in drafting and reviewing the transaction documents.
  • Currently advising a client on all aspects of a deal which include the term sheet, due diligence, the transaction steps paper, corporate governance, disclosure issues, completion mechanics, drafting all documents, and plans for the restructuring of 25 companies including listed companies in various sensitive business segments in the GCC and Middle East.
  • Currently assisting Injazzat with the restructuring of its debts (in excess of USD 650 million). The restructuring involves the sukukholders, local, regional and international creditors and banks.
  • Currently acting as legal counsel in the restructuring of a holding company by advising it on the restructuring of its sukuk, bond debts as well as debts from loans amounting to USD 400 million.
  • Acted as the Kuwaiti counsel to Global Investment House, one of Kuwait’s largest investment houses and its financial advisors HSBC, in the first restructuring of Global’s debts.
  • Acted as legal counsel for Global Investment House in restructuring its KD 20 million Bonds by obtaining a consensual extension of the maturity of the bonds.
  • Acted as legal counsel for Global Investment House in restructuring its KD 50 million Bonds by obtaining a consensual extension of the maturity of the bonds.
  • Acted for Tijara and Real Estate Co Sukuk regarding the revision of certain terms of a USD 60 million Sukuk issuance. ASAR provided legal advice, drafted the consent solicitation memorandum, prepared all documents required to amend the Sukuk terms, conducted the Sukuk certificate holders meetings, and obtained regulatory approvals.
  • Acted as legal counsel for Arabian Real Estate Company K.S.C.C. in restructuring its KD 20 million bonds. This includes extension of maturity dates as well as arranging for bondholders and regulatory approvals for the partial redemption of the treasury bonds which the issuer held.
  • Assisted the creditors’ committee with restructuring of the debts of The Investment Dar (TID) (in excess of USD 3 billion) which included advising on strategies, conducting due diligence, drafting local security documents as well and providing comprehensive Kuwait law advice regarding the restructuring.
  • Advised the creditors’ committee with restructuring of the debts of Aayan Leasing and Investment Company (in excess of USD 1 billion) which includes advising on strategies, conducting due diligence, drafting local security documents as well and providing comprehensive Kuwait law advice regarding the restructuring.
  • Acted as sole counsel on behalf of Liquidity Management House as the Structure Advisor for the restructure of the Islamic debt of USD 1.1 billion due by AREF to Kuwait Finance House, K P Fund International (Cayman Island), Burgan Bank, Al Ahli Bank of Kuwait, Kuwait International bank and Public Institution of Social Security – Kuwait.
  • Currently assisting Housing Finance Company (ISKAN) with restructuring of its debts (in excess of UUSD 500 million) with its local and international creditors which includes advising on strategies, conducting due diligence, drafting local security and settlement documents as well and providing comprehensive Kuwait law advice.