Dubai flagship carrier Emirates' groundbreaking attempt to allow investors in its planned dollar bond to seize assets if it cannot repay could be undermined by conflicting laws in the country.
Emirates, which is wholly owned by the Dubai government's investment arm, has exempted investors from a decree that blocks the seizure of its assets in a default, according to its bond prospectus.
The move, unusual for Dubai government-linked firms, may have been aimed at easing investors' concerns about Dubai, whose 2009 debt crisis brought the emirate to its knees.
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