Thursday, November 4, 2010

Awal Bank Chapter 11 Filing Update - Request for Extension of Time to Provide Information

Here's an update from Bell Pottinger Middle East on the case.  BPME is the PR company used by Charles Russell for the Awal Bank engagement.

Awal Bank files request for extension of time

Bahrain, 4 November 2010: Charles Russell LLP, acting as External Administrator and Foreign Representative (the “Foreign Representative”) of and for Awal Bank BSC (“Awal Bank”) has filed a request for an extension to the deadline to file schedules of assets and liabilities and statement of financial affairs (the “Schedules”) in the Chapter 11 Case commenced on 21 October 2010.

The request follows the first day hearing that took place on 26 October 2010 at which the Foreign Representative sought an order to establish a workable protocol to administer the Chapter 11 Case in cooperation and coordination with the Bahraini administration. After hearing from both the Office of the United States Trustee and counsel for the Foreign Representative, the Bankruptcy Court directed that the Motion be further considered at a later date in order to allow more time to assess the information provided and after giving opportunity for creditors to make representations regarding the relief requested in the Motion.

The Foreign Representative has determined that additional time is required to assess, among other things, creditor views in relation to the Chapter 11 Case. Upon this assessment being undertaken, the Foreign Representative will determine whether to further pursue the Chapter 11 Case. The Office of the United States Trustee has indicated it has no objection to the Foreign Representative’s request for additional time to file the Schedules.

In October 2009 the Foreign Representative obtained “foreign main proceeding” recognition from the Bankruptcy Court under Chapter 15 of the U.S. Bankruptcy Code for Awal Bank’s administration proceedings in Bahrain.

The Bahraini administration governed by the Central Bank of Bahrain and Financial Institutions Law (“CBBFIL”), continues to be recognised as the foreign main proceeding under Chapter 15. The U.S. based legal activities form part of a multinational litigation process, with court proceedings also currently underway in Bahrain, the Cayman Islands, the Kingdom of Saudi Arabia, Switzerland and the United Kingdom.

Please contact David J. Molton, Esq. from Brown Rudnick LLP, counsel to the Foreign Representative, at 00 1 212 2094822 with any inquiries.

12 comments:

FT said...

Hope all is fine , this is about aldar

http://alraimedia.com/Alrai/Article.aspx?id=237480&date=10112010

The Rageful Cynic said...

has the blog been discontinued?

were you guys threatened with something? :p

Chapter 11 said...

Where you at Abu?

Anonymous said...

Abu Argalah, we are missing you man.... Where are you?

Anonymous said...

I really miss this . It was the only blog to comment sceptically about Gulf financial companies .

Anonymous said...

http://gulfnews.com/business/markets/worldly-wise-investment-dar-s-overlooked-creditors-1.837031

3li said...

You've disappeared... Hope you are doing well.

Anonymous said...

Sigh I miss this blog.

Anonymous said...

وينك يالغالي عسى غيبتك خير انشاءالله.. ولهان على كتاباتك وتحليلك

Abu 'Arqala said...

ألف شكرا و شكرا

Anonymous said...

When are you coming back ? I miss you.

Abu 'Arqala said...

Anonymous

My new employer is concerned that posts here if traced back to a member of his firm would affect the firm's business in the GCC.

So for the present I have put down my pen.