Two for two: A&O Shearman advises on another successful restructuring under UAE Bankruptcy Law

The restructuring effected a comprehensive restructuring and deleveraging of JBF RAK’s capital structure and provides a framework for new funding to enable the business to ramp up its operations. The restructuring is only the second major restructuring known to be successfully implemented under the UAE Bankruptcy Law and follows the recent restructuring of Drake & Scull International PJSC, where A&O Shearman advised the company. 

Partner Adam Fadian, who led the A&O Shearman team advising RAK Gas with international restructuring support from Nick Lister in London, commented: "We are immensely proud to have worked alongside RAK Gas in delivering another major court-sanctioned restructuring implemented under the UAE Bankruptcy Law. Coming hot on the heels of the Drake & Scull restructuring, this is another major success story and we’re delighted to have advised on the first two restructurings to be successfully implemented under the UAE Bankruptcy Law. The instrumental role played by the Courts of Ras Al Khaimah will further boost confidence in the processes available under the law. We look forward to seeing JBF RAK grow and prosper under its new management.”

Adam Banks, partner in A&O Shearman’s restructuring practice in the Middle East, added: “The successful restructuring of JBF RAK is a testament to the collaborative efforts of all parties involved and underscores our position as the leading law firm in the Middle East for complex restructurings. Our dedicated three-Partner team specialising in Middle East restructurings gives us unmatched bench strength for complex restructurings and our lead roles on all of the major restructurings known to be currently undergoing similar processes in the UAE keeps us at the forefront of market developments.”

RAK Gas is a leading producer of natural gas based in Ras Al Khaimah. It supports the economic activity of Ras Al Khaimah by providing energy solutions, including natural gas and fuels, to the largest industrial companies and clients in the Emirate and across the UAE.

The A&O Shearman team advising RAK Gas comprised partners Adam Fadian, Nick Lister, Yacine Francis, Anthony Traboulsi, Zeid Qursha and Judith Kim; counsel Anthony Mrad; senior associates Aaron Temple, Philip Wells and Rushal Noor; associates Sean Tobin, Charlotte Hall, Haifaa Ibrahim, Linda El Halabi, Nadeen Haddadin and Nour Gemayel; as well as trainee Natasha Mutch.