Essdar Capital, an Abu Dhabi-backed firm, sold its bond investments in the troubled Blue City project to an Oman government-controlled fund, capping the completion of a rare distressed-debt deal in the Gulf.
In a statement on Wednesday, Essdar, 35-percent owned by the ruler of Dubai's investment company, Dubai Holding , said it sold 100 percent of its holdings of Blue City's Class A notes to an undisclosed party.
The company did not disclose a value for the deal.
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