Dubai's debt crisis could help push Barneys New York back into American hands by early next year -- specifically, the clutches of New York hedge-fund tycoon Richard Perry and Los Angeles billionaire Ronald Burkle.
Istithmar, part of the Dubai government's investment arm that is looking to delay payments on tens of billions of dollars in debt, shelled out $942 million to buy the luxury retailer in 2007 from Jones Apparel, the New York-based owner of brands like Nine West.
Now, as Dubai's financial troubles worsen, Istithmar could be forced to give up control of Barneys to a pair of powerful US creditors. Perry quietly became Barneys' largest bondholder earlier this year, and Burkle has recently amassed a big chunk of the luxury chain's $500 million debt load.
No comments:
Post a Comment