In a major corporate transaction in the Gulf region, Milbank, Tweed, Hadley & McCloy LLP has represented RA Holding Corp. and the other sellers in the sale of their half-ownership stake in Lusail Golf Development to their joint venture partner Barwa Real Estate Company Q.S.C. Net proceeds of the sale are estimated at approximately $365 million.
RA Holding is the entity that was formed during the successful 2013 reorganization of Arcapita Bank B.S.C. and certain of its affiliates. Milbank advised Arcapita's official committee of unsecured creditors during its Chapter 11 case, and is now representing RA Holding and its worldwide affiliates. Milbank's work on Arcapita was recognized among The American Lawyer's Global Awards for 2014. The sale of RA Holding’s 50% share of Lusail Golf is expected to complete before year’s end. The Milbank team for this transaction was led by Global Corporate partner Jane Morgan, along with Financial Restructuring partner Evan R. Fleck; and associate Aaron Stine.
