Magna Holdings International Limited

Magna Holdings International Limited (“MHIL”) was a Bermudan company which was placed into liquidation. Cork Gully were appointed as liquidators in Bermuda. MHIL was the parent company of a network of subsidiary companies (all incorporated in either the British Virgin Islands or Bermuda) with ultimate interests in real estate projects in Libya. Each subsidiary was established for an individual project via an investment in a wholly or majority owned Libyan joint stock company. Such investment totalled $143m. There were three main developments in Tripoli – one of which was operational, the remaining two were at different stages of development. The other three subsidiaries were inactive or dormant. Investments in the subsidiaries had been provided via a combination of equity and debt. Additional funding was required to complete the non-operational projects. Cork Gully sought offers in respect of MHIL’s debt and equity interests in the subsidiary companies and ultimately agreed a sale back to certain investors financed through a credit bid using their unsecured debt was the best option for all parties involved.