Abu Dhabi’s Aabar Bonds Plunge on Concern Over Its Finances - Bloomberg:
Bonds of Aabar Investments sank the most on record after auditors raised concerns about the financial well-being of the company, the second-largest shareholder of Italian lender UniCredit SpA.
The euro-denominated bonds due in March plummeted 23 cents to 74 cents on Tuesday, after Ernst & Young LLP provided an “adverse opinion” about the company’s 2018 finances, “accumulated losses and a deficiency of assets,” Aabar said in an Aug. 30 statement.
The company, which has about $6.4 billion of outstanding debt, said it’s “considering the resources and options available to it to continue its normal operating activities and meet its financial obligations as they arise.”
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