Distressed debt players who took a bet on bonds issued by Blue City of Oman should be cheered by a chance to get out.
The Gulf country’s sovereign wealth fund has offered to buy “class B” subordinated notes of the ailing real estate project – a $20bn beachside development that stalled as the financial crisis took a grip.
At 35 cents on the dollar, the offer from a unit of the Oman Investment Fund gives investors a rare opportunity to walk away with cash as the oil-rich government steps in to clean up the mess.
No comments:
Post a Comment