Norton Rose has received its first major instruction from Bahrain International Bank (BIB) to advise on the restructuring of its $460m (£294m) debt
Historically, BIB has relied on Bahrain lawyers or overseas firms in jurisdictions receiving the bank's investment - often the US. The instruction is likely to signal the start of a trend of Middle Eastern banks trying to sort out their liabilities following relatively unprofitable short-term investments in the US private equity markets. Norton Rose banking head Stephen Parish, who is leading the team, said there have been no loans to Middle East investment banks since 11 September. Clifford Chance, has also been instructed to advise a steering committee representing various Gulf and international creditors owed money by BIB.