A Hong Kong-based distressed debt firm, founded by ex-Deutsche Bank veterans , has approached trade creditors of Dubai's troubled property firm Nakheel with an aim to taking the claims off their hands, a document seen by Reuters showed.
The move by SC Lowy Financial, a distressed debt investment firm set up by Deutsche veterans Michel Lowy and Soo Cheon Lee in 2009, is the first clear sign that distressed players are circling Nakheel's $10.9 billion debt restructuring.
"We are reaching out to all trade creditors/vendors of Nakheel with the view of investing in their trade claims," SC Lowy said in an emailed document to one of the trade creditors, which was obtained by Reuters.
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