Abu Dhabi Global Market (ADGM) is set to host the 2nd Annual Financial Restructuring Mena Conference from February 19 to 20, 2024, to discuss strategies for addressing corporate insolvencies in the region. Insolvencies are a result of the continued spike in interest rates and inflation. Worldwide, 15% of the corporate bonds and loans trading at distressed levels, currently in excess of $590 billion, have defaulted highlighting grave impacts for the global economy.

 

Hosted by Abu Dhabi Global Market (ADGM) in partnership with the Bankruptcy Commission Saudi Arabia ‘EISAR’ and the International Finance Corporation (IFC), the conference aims to prepare the region’s banks and corporates to effectively navigate the current wave of looming defaults as growth slows globally and interest rates continue to tighten.

 

Alexander Erofeev, Chief Special Operations Officer, International Finance Corporation (IFC) said: “The market is expecting an increase in restructuring activity around the globe and in the Middle East. The 2nd Financial Restructuring Mena Conference is important for the players to get to know each other, discuss what shape the restructuring cases might take and what the practical solutions could be.”

 

Stellar line-up

The second annual edition is joined by a stellar line up of speakers including  Abdullah Almogheerah, Secretary General, Bankruptcy Commission Saudi Arabia ‘EISAR’; Balaji Prasad Natarajan, Group Chief Financial Officer, Binladin International Holding Group; Paul Gilbert, Managing Director, Alvarez & Marsal Middle East Limited; Khalid Mohammed Ba Shniny, Executive Vice President, Head – Restructuring & Collections, Saudi National Bank; Naveen Sabharwal, Managing Director, Davidson Kempner; and Mo Farzadi, Business Restructuring Services Partner and Middle East Leader, PwC among others.

 

Abdullah Al-Mogheerah, Secretary General, Bankruptcy Commission ‘EISAR’, Saudi Arabia added: “Saudi Arabia has issued the bankruptcy law, to facilitate market reintegration through settlement and financial restructuring procedures. The Bankruptcy Commission "EISAR" actively offers services, and collaborates with entities, empowering them to utilise the bankruptcy law effectively.”

 

The conference will commence by taking stock of the progress made in the corporate restructuring space in the region and will be followed by panels which will delve into high profile insolvencies, achieving successful business turnarounds in highly leveraged situations, the changing NPL management practices in Mena, and addressing buy side and sell side challenges for trade of NPLs among others.

 

Systemic challenges

Emphasis on the second day will be on systemic challenges and future trends, exploration of problem loan resolution strategies and trade of single debts, challenges in attracting new money post-restructuring, cross-border asset tracking and emerging trends impacting the sector. 

 

Leila Masinaei, Managing Partner, Great Mind Events Management, organiser of the 2nd Annual Financial Restructuring Mena Conference, said: "We are proud to organise this strategic conference at a crucial time for the industry. Our agenda is carefully crafted to address the pressing issues facing the insolvency and restructuring sector, providing a platform for key stakeholders to collaborate and navigate the complexities of large corporate insolvencies.”

 

The event will be attended by policymakers, large corporates and family offices, commercial banks, restructuring advisories, asset managers, law firms, hedge funds and litigation financiers among other key stakeholders.--TradeArabia News Service