International law firm Trowers & Hamlins has won the award for Restructuring Deal of the Year at the IFLR Awards 2025, recognising its role in advising Bahrain Development Bank on the landmark restructuring of JBF.
The IFLR Middle East Awards celebrate the most innovative legal work in the region, with a focus on cross-border transactions and the firms, teams and individuals behind them. The awards highlight legal excellence, innovation in legal technology and ESG, and the impact of these on the regional investment landscape through a rigorous, research-based judging process.
Trowers acted for Bahrain Development Bank being a junior creditor as part of the USD 1 billion restructuring of JBF RAK LLC, a leading multinational plastics manufacturer in the Gulf region, undertaken via a UAE onshore restructuring plan.
The judges noted that the JBF restructuring was “the first debt-for-equity deal and the largest onshore restructuring under the UAE's new bankruptcy regime” and that it showcased “the effectiveness of the updated legal framework.”
Debopam Dutta, Partner and Head – India Desk, who led the Trowers team on the deal commented:
"We are delighted to have been recognised for our role in this landmark transaction. The JBF restructuring represents a significant milestone for the UAE’s evolving insolvency framework, and we are proud to have contributed to a deal that sets a new benchmark for cross-border cooperation and creditor outcomes in the region."
Brian Howard, Resident Manging Partner – Bahrain and lead client relationship Partner for Bahrain Development Bank added:
"This recognition is a testament to Bahrain Development Bank’s forward-thinking approach to managing complex situations. The JBF restructuring demonstrates the Bank’s ability to deliver practical, long-term solutions that strengthen both its portfolio and the wider regional market."
Nareen Ahmed Agha, Head of Legal and Board Secretary at Bahrain Development Bank said:
"This landmark restructuring marks a significant turning point for JBF and its stakeholders. We are grateful to Debo and the team at Trowers & Hamlins for leading this from the front and their expertise in navigating the complexities of this cross-border restructuring ensuring a commercially viable outcome for us and all other parties involved."
