Carey Olsen has successfully applied to have PwC appointed as joint provisional liquidators over Middle East private equity investment group Abraaj Holdings, amid opposition from certain creditors.
Abraaj Holdings filed an application in the Grand Court of the Cayman Islands seeking the appointment of Simon Conway, Michael Jervis and Mo Farzadi of PwC as joint provisional liquidators.
The Grand Court granted the order following a contested hearing on 18 June. The Carey Olsen team was led by Partner Nick Bullmore on the corporate side, with Jan Golaszewski, Head of the litigation and insolvency team in the Cayman Islands, and Peter Sherwood, Counsel, on the insolvency side.
The move has been made to protect the rights of the company's stakeholders until a consensual restructuring of its debt obligations and the intended sale of its investment management business can be formulated and approved.
Jan Golaszewski said: "With the overlap between the transactional and contentious aspects, this is a complicated and fast-moving case involving the coordination of lawyers and advisers across several disciplines and multiple time zones.
"A court-supervised restructuring programme is a positive outcome for our client. It gives Abraaj Holdings a sound structure to continue to look after the best interests of its stakeholders and creditors."