Ahmed Ismail

The regional and international creditors represent more than 85 percent of total debt, some of whom advised filing under the new bankruptcy law, given that it is more or less aligned with regional and international commercial law practices, the probability of its success is much higher.

In addition to strengthening investors' confidence with the local market, the new law will raise the value of the debtors' assets, since they will not be obliged to sell for low prices through an enforced liquidation, the realized value of the last three auctions was at 30 percent of market value in a normal buyer and seller market, which would have significantly jeopardized the recovery ratio for all creditors.