Fivemiletown Holdings Limited’s Chapter 11 case is no longer pending: the court dismissed the case on December 6, 2024, on a finding of bad faith, ending the debtor’s effort to use bankruptcy as a forum for resolving its dispute with ADASI without a confirmed plan or a court-supervised sale. The dismissal leaves no remaining Chapter 11 milestones or hearings in the supplied record.

The debtor commenced Chapter 11 on August 15, 2024Dkt. 1, shortly after an arbitration panel awarded ADASI repayment on a disputed convertible loan. ADASI had advanced approximately $149 million to an affiliate under a facility guaranteed by Fivemiletown and secured by a pledge of Paramount Group Ltd.’s equity; the award required repayment of principal together with interest and legal fees. Management said the filing was intended to prevent immediate enforcement following the award and create time to pursue affirmative claims and counterclaims against ADASI and other UAE defense-sector entities, positioning the case as a litigation-centered restructuring rather than an operating-company turnaround, as described in the first-day declarationDkt. 73.

The debtors initially sought conventional administrative relief, including joint administration, additional time to file schedules, continued use of their cash-management system and authority for intercompany transactions. The supplied record does not identify a debtor-in-possession financing facility, a sale process or a plan trajectory that superseded that strategy before dismissal. Accordingly, the case’s operative path is now outside Chapter 11, with the bankruptcy process having ended before delivering a restructuring transaction.