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Saturday, 11 September 2010

Dubai World to repay interest, then loan instalments - paper | Reuters

Dubai World [DBWLD.UL] will repay interest on loans to creditors and then the loans themselves in instalments, a government official was quoted as saying, after the state-owned conglomerate reached a formal deal to restructure almost $25 billion of debt.

The restructuring agreement with over 99 percent of creditor banks will rebuild confidence in Dubai's economy and marks a new start for the debt-struck emirate, Ahmad Humaid al-Tayer, a key player in Dubai's government and corporate landscape, told the Arabic daily al-Bayan in an interview published on Saturday.

'The repayment process will begin with the payment of interest rates, and then loan instalments, which will also depend on the nature of each loan as some of the loans are consolidated credits, while some are bilateral and some are bonds,' Tayer told the paper."

Foreign creditors try to sell Dubai loans with little luck - The National Newspaper

Foreign creditors of Dubai’s indebted government companies are looking to sell their loans at a loss – but few transactions have taken place because of the hefty discounts potential buyers are demanding.

Only one sale, involving a US$25 million (Dh91.82m) loan to Dubai World that is part of a $5.5 billion credit facility, has been completed so far, according to a credit trader in London familiar with the transaction. That loan sale by an Asian bank this year came at 55 per cent of its face value.

Many other banks, mainly international and regional institutions, are looking to offload loans they made to Dubai World and Dubai Holding, two of the emirate’s three business conglomerates, locking in losses and letting hedge funds that are comfortable with high-risk debt take over the exposures."

FT.com - Libyans hire ex-trader to learn investing

Frederic Marino is not the sort of man you might envisage Colonel Muammer Gaddafi approaching for investment advice.

The mild-mannered Frenchman does not seem particularly revolutionary. But he is fast becoming something of a kingpin in Tripoli’s investment community.

EDITOR’S CHOICE

Doughty buys Candover’s Equity Trust - Sep-10
Dubai World agrees terms with creditors - Sep-10
Goldman swallows £17.5m of humble pie - Sep-09
3i set for lucrative return with sale of pump-maker - Sep-09
The managers of the Libyan Africa Investment Portfolio – a $6bn (£3.9bn) sovereign wealth fund set up by the Libyan government – have entrusted the former Merrill Lynch and Bear Stearns trader with a few hundred million dollars to launch a series of funds on their behalf and train young Libyans in the ways of investing. Additional cash commitments from the LAI are expected if Mr Marino’s firm is a success, he says.