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Kuwait-based telecom firm Zain is not concerned over a lawsuit by South Africa-based Econet Wireless disputing the ownership of Zain Nigeria, Zain's chief executive said in remarks published on Monday.
"Saad al-Barrak affirmed that the group is not facing any risk from a legal dispute over Zain Nigeria," al-Rai newspaper reported. "(This issue ) is old and dates back to before 2006."
Last week, Econet said it disputed the purchase in 2006 by Celtel, now called Zain, of a majority stake in a group called Vee Networks Limited, now Zain Nigeria.
Barrak said that Econet has lost similar cases that it had filed in British courts over past years, the newspaper reported.
Zain Nigeria has traded under various brands since 2001 due to a series of boardroom conflicts.
It has been known as Vee Networks, Vmobile, Celtel and now Zain Nigeria.
Econet -- which has operations in nine countries in Africa, Europe and the East Asia Pacific rim -- said in a statement it was pursuing arbitration proceedings because it believed it had been denied its right of first refusal over the stake.
It has now appealed to legal authorities including an international tribunal operating under the auspices of the United Nations for the transaction to be unwound.
Zain, a hot but tricky potential acquisition target for stagnating Western telecoms groups, has invested more than $12 billion in Africa.
Nigeria is the group's biggest market, contributing 21 per cent of customers and 17 per cent of revenues.
The litigation equivalent of Halley's comet is about to streak into view in Manhattan federal district court. Yes, folks, when trial in the shareholder suit against Vivendi and two of its former executives begins this week before Judge Richard Holwell, it may be your once-in-a-lifetime chance to witness a so-called f-cubed securities class action trial, involving foreign investors who bought shares of foreign companies on foreign exchanges. Paul Saunders of Cravath, Swaine & Moore giving the opening statement for the defendants and Arthur Abbey of Abbey Spanier Rodd & Abrams is appearing as lead counsel for the plaintiffs. James Quinn of Weil, Gotshal & Manges, our most recent Litigator of the Week, is cocounsel for the defense.
Plaintiffs in the case, which has been around since 2002, are shareholders across the U.S. and Europe who allege that Vivendi--then known as Vivendi Universal--made false and misleading statements in 2001 and 2002, when Vivendi's former CEO, Jean-Marie Messier, was transforming the French water company into a media conglomerate through a mad dash of acquisitions. Plaintiffs claim that Vivendi, Messier, and former chief financial officer Guillaume Hannezo concealed a liquidity crisis, whose revelation ultimately caused the stock to drop.
Struggling CIT Group Inc. has launched a debt restructuring effort it hopes will trim at least $5.7 billion from its balance sheet, but also is asking bondholders to approve a prepackaged reorganization plan in case it is forced to file for Chapter 11 bankruptcy protection.
New York-based CIT, one of the nation's largest lenders to small and midsize businesses, has been devastated by the downturn in the credit markets and is attempting to restructure its operations to remain in business. CIT received $2.3 billion in federal bailout aid last fall, a $3 billion emergency loan in July from some of its largest bondholders, and bought back $1 billion in debt but still needs to reduce its debt burden to survive.
The company said late Thursday that its restructuring plan has been approved by its board and by the steering committee of its bondholders. Under terms of the deal, bondholders would exchange their current notes for a portion of five series of newly issued secured notes, with maturities ranging from four to eight years, and/or newly issued preferred shares.
The exchange offers will expire just before midnight Oct. 29. However, for the out-of-court debt restructuring to be successful, CIT said at least $5.7 billion worth of debt must be able to be wiped off of its balance sheet.
Therefore, CIT also is asking most bondholders and other holders of CIT debt to approve a prepackaged reorganization plan so the company has the option of filing for and quickly exiting Chapter 11 bankruptcy protection in the event the debt swap doesn't achieve its goals.
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