Oman’s sovereign wealth fund has offered to buy the bonds of Blue City, the ill-fated, $20bn Omani property project, marking the latest twist in one of the region’s biggest and longest-running distressed debt deals.
Onyx Investments, part of the Oman Investment Fund, has made a tender offer for 35 cents on the dollar for the class B senior subordinated notes that are due in 2016, according to documentation seen by the Financial Times.
The Oman Investment Fund could not be reached for comment.
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