Arab Today, arab today distressed debt firm eyes nakheel creditors
Last Updated : GMT 21:35:56
Arab Today, arab today
Arab Today, arab today

Distressed debt firm eyes Nakheel creditors

Arab Today, arab today

Arab Today, arab today Distressed debt firm eyes Nakheel creditors

Dubai - Arabstoday

A Hong Kong-based distressed debt firm, founded by ex-Deutsche Bank veterans, has approached trade creditors of Dubai\'s troubled property firm Nakheel with an aim to taking the claims off their hands, a document seen by Reuters showed. The move by SC Lowy Financial, a distressed debt investment firm set up by Deutsche veterans Michel Lowy and Soo Cheon Lee in 2009, is the first clear sign that distressed players are circling Nakheel\'s $10.9bn debt restructuring. \"We are reaching out to all trade creditors/vendors of Nakheel with the view of investing in their trade claims,\" SC Lowy said in an emailed document to one of the trade creditors, which was obtained by Reuters. \"Our firm is able to provide trade creditors with an option for an exit rather than waiting on the outcome of the insolvency process.\" The firm is asking trade creditors to submit their proof of claims so that it can be reviewed for details, the document said. Nakheel, builder of man-made palm-shaped islands, was at the centre of Dubai\'s debt crisis in 2009 after a property bust in the Gulf Arab emirate. A Nakheel spokeswoman said the firm had not been approached about the matter. The developer, which ran a parallel restructuring process to parent firm Dubai World, has offered trade creditors repayment of 40 percent cash and the remaining 60 percent in the form of an Islamic bond, or sukuk. Once its restructuring is complete, Nakheel will be owned by the Dubai government. The sukuk was expected to be issued by the end of the first half and has already being offered at a 20 percent discount in the secondary market by some trade creditors, signalling their preference to cash out rather than wait for maturity. SC Lowy was formed in 2009 as a boutique investment bank to specialise in distressed and illiquid investments. Distressed debt investors normally buy debt of troubled companies at a discount and aim to make money by restructuring their operations and liquidating the debt at par. Such deals are rare in the Gulf Arab region, where intricate laws and the absence of a level-playing field has kept international distressed debt managers away. In March, Essdar Capital, an Abu Dhabi-backed firm, sold its bond investments in the troubled Blue City project to an Oman government-controlled fund, capping the completion of a rare distressed-debt deal in the Gulf. Lowy and Lee led Deutsche Bank\'s Asian distressed products group until March 2009 when they broke away to start their own 14-member outfit. SC Lowy was not immediately available for comment. From / Arabian Business

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today distressed debt firm eyes nakheel creditors Arab Today, arab today distressed debt firm eyes nakheel creditors

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:57 2017 Sunday ,26 February

Huawei wins MRM Business Innovation Award

GMT 08:49 2017 Saturday ,25 February

Shell plans $300 mn investment in Argentina shale

GMT 05:40 2017 Saturday ,25 February

British Airways owner reports profit

GMT 15:19 2017 Thursday ,23 February

Companies' commitment to Bahrainisation quotas praised

GMT 14:48 2017 Thursday ,23 February

Etihad Airways Engineering signs deal with Kenya Airways

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations

GMT 10:47 2017 Thursday ,23 February

Saudi Aramco may offer discounted shares to citizens
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday