Wednesday, 3 February 2010
Bahrains' Gulf Finance House faces funding crunch
Gulf Finance House GFHB.BH, one of the leading investment firms in Bahrain, has been hit hard by a property market crash across large parts of the region.
FINANCIALS
Experts say the firm needs to restructure its debt, raise cash through asset sales or receive some outside assistance if it is to avoid funding difficulties in the second quarter.
On Tuesday GFH said it had asked lenders to defer payment of $100 million of a $300 million loan due next week, and ratings agency Standard & Poor's slashed its rating by six notches.
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