OMAN Law and Practice Contributed by: Ahmed Said Al Jahwari, Idil I. Kaner and Al Muhalab Al Issai, Dr. Ahmed Said Al Jahwari & Partner Law Firm
process, transparency, and oversight of plan imple - mentation and distributions. Lenders typically mitigate risks associated with dissent by perfecting security, strengthening intercreditor arrangements, and retain - ing the option to transition into formal court proceed -
Balance-sheet restructurings are typically implement - ed through maturity extensions, repricing, enhanced security packages, and, in some cases, debt-for- equity or control-oriented solutions through share security, subject to board/shareholder co-operation where equity interests are affected. Courts generally uphold contractual arrangements, including restruc - turing support or voting agreements, provided they comply with applicable law and public order require - ments. However, once court proceedings are initiat - ed, such arrangements cannot override the statutory insolvency framework.
ings if consensus cannot be reached. 7.10 Expedited Restructurings
While Oman does not have a formal pre-pack or pre- arranged restructuring regime, expedited restructur - ings are achievable in practice where there has been substantial pre-negotiation among creditors prior to the commencement of court proceedings. The level of creditor alignment at filing is a key determinant of speed, where terms are largely agreed in advance, court-supervised restructuring tends to proceed more smoothly.
219 CHAMBERS.COM
Powered by FlippingBook