Dubai in Turmoil Pursues Clearing Legacy of Toxic Debt - Bloomberg:
"Dubai is still clearing up the mess from a near default almost five years ago that sent shockwaves through global markets, and the worst stock-market selloff since 2008 is unlikely to derail the process.
Islamic mortgage provider Amlak Finance PJSC (AMLAK) proposed a new restructuring plan to creditors on June 5, its spokesman said in an e-mail yesterday, which could end years of negotiations on about $2.7 billion of debt. Nakheel PJSC, the property developer that helped spark Dubai’s financial crisis in 2009, said last week it will repay $1.5 billion of bank loans early. The plans were outlined during the worst month for the emirate’s stock market in almost six years, when the DFM General Index (DFMGI) tumbled 22 percent.
“While the Dubai equity market has been in decline, most Dubai credit has held up,” Deepti S.M., a Bangalore-based credit analyst specializing in property at SJS Markets Ltd., said by telephone yesterday. “Companies are trying to restructure or refinance while the bond and loan market conditions are good.”"
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