Charles Russell and Trowers land administrator roles for Bahrain banks
Charles Russell and Trowers & Hamlins have won roles to act as administrators to two Bahraini banks. The City firms were appointed earlier this month by the Central Bank of Bahrain (CBB), serving as local banking regulator, with Charles Russell acting as administrator of Awal Bank and Trowers acting for The International Banking Corporation (TIBC).
August 24, 2009 at 07:49 AM
2 minute read
Charles Russell and Trowers & Hamlins have won roles to act as administrators to two Bahraini banks.
The City firms were appointed earlier this month by the Central Bank of Bahrain (CBB), serving as local banking regulator, with Charles Russell acting as administrator of Awal Bank and Trowers acting for The International Banking Corporation (TIBC).
Charles Russell's Bahrain head Clive Hopewell and insolvency and corporate recovery chief James Hyne are leading the administration process.
Hyne commented: "We are not yet able to determine how long the administration process will last, though we will establish this as quickly as possible. Awal had assets with a book value in excess of $5bn (£3bn) at the time of entering administration and we are seeking to verify the asset and creditor positions as a matter of urgency, along with a wide variety of ancillary issues that arise from this complex assignment."
Trowers' team for TIBC is being led by Bahrain partners Neale Downes (banking) and Abdullah Mutawi (corporate) and London-based projects partner Nicholas Edmondes.
Downes said: "Trowers has compiled a very experienced team, including leading independent restructuring and recovery firm Zolfo Cooper, that has set about the administration of TIBC. It is clear that there is significant interest in the outcomes of this administration and we shall focus on completing our work as quickly as possible."
The CBB said it concluded that the appointment of law firms to lead the administrations was "appropriate and cost-effective" given the number of legal cases in which both banks are either involved or likely to become involved.
Accounting firms including Baker Tilly have also been appointed to work alongside the law firms.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Big Law Heavyweights Wrestle in High-Stakes Sale of Venezuela’s Citgo
Cleary vs. White & Case: NYC Showdown Over $5 Billion Brazilian Bankruptcy
Singapore's Drew & Napier Secures $3.5B Award in Civil Suit
Trending Stories
- 1New York-Based Skadden Team Joins White & Case Group in Mexico City for Citigroup Demerger
- 2No Two Wildfires Alike: Lawyers Take Different Legal Strategies in California
- 3Poop-Themed Dog Toy OK as Parody, but Still Tarnished Jack Daniel’s Brand, Court Says
- 4Meet the New President of NY's Association of Trial Court Jurists
- 5Lawyers' Phones Are Ringing: What Should Employers Do If ICE Raids Their Business?
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
