Friday 19 September 2014
 
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Debt restructure

Algosaibi says creditors' committee formed

A steering committee of creditors of Saudi Arabian conglomerate Ahmad Hamad Algosaibi and Brothers (Ahab) has been formed to negotiate its debt restructuring, Algosaibi said on Tuesday. The committee comprises representatives from

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Dubai World seeks to revise $25bn debt deal

Economic recovery in Dubai is pushing both creditors and debtors to weigh new strategies in the $25 billion restructuring of state-owned Dubai World, one of the Middle East's largest ever debt deals. The conglomerate has begun

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Dubai Group's debt plan 'to include creditor oversight'

  Dubai Group's $10 billion debt restructuring will be managed by the head of another state-linked firm while two banks will have a monitoring role to ensure more oversight from creditors, sources aware of the matter said.

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Nakheel made $234m profit in 2010 says chief

Dubai's Nakheel made a 2010 profit of Dh860 million ($234.1 million) and sees a rise in revenue this year as the property developer revamps its operations post its $16 billion debt restructuring, its chairman told a local newspaper. Th

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Trade creditors free to sell claims says Nakheel

Trade creditors of Dubai's Nakheel can sell their claims to investment banks keen on buying them and the property developer will not get involved in such deals, its chairman said in published remarks on Tuesday. Nakheel, builder of man

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Al Jaber and creditors meet on restructuring

Abu Dhabi's Al Jaber Group held an all-lender meeting on Wednesday to discuss the contracting firm's debt restructuring, two sources familiar with the matter said. Al Jaber set up a banks' committee earlier this year to map out debt restru

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Emirates NBD eyes mergers

Emirates NBD is eyeing merger opportunities within the region and the lender will set aside more money to cover bad loans in 2011 amid debt restructuring, its top executive said on Wednesday.    ENBD, Dubai's largest ba

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Dar agrees $3.58bn debt restructuring

Kuwait's Investment Dar, which owns half of luxury carmaker Aston Martin, reached an agreement to restructure $3.58 billion of its debt, in a plan that gives creditors a 10 percent stake in the company. Dar, which appointed a new credi

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Dubai World gets full support for restructuring

State-owned Dubai World has secured support from all its creditors for a $25 billion debt restructuring plan, a spokesman said on Wednesday, helping to avoid a drawn-out battle with a special tribunal.    The spokesman did

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Gulf growth outlook improves slightly

The growth outlook for most Gulf economies has improved slightly over the past three months on expected higher oil output and as concerns about Dubai debt restructuring eased, a Reuters poll showed on Wednesday.    Generous

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