Friday 1 August 2014
 
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Dubai World repays $300m early to creditors

Dubai World, one of the emirate's big state-owned conglomerates, has made a second early repayment worth around $300 million under its $25 billion debt restructuring plan, sources familiar with the matter said on Thursday. The

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Detroit files for bankruptcy, set for court fight

Detroit filed the largest municipal bankruptcy in US history on Thursday, setting the stage for a costly court battle with creditors and opening a new chapter in the long struggle to revive the city that was the cradle of the American auto indus

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US court approves Arcapita's sharia bankruptcy plan

Bahrain investment firm Arcapita Bank has received approval from a US Bankruptcy Court for its plan to repay creditors, thought to be the first in the US that is compliant with sharia, Islamic law.

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Arcapita files key restructuring plan

Bahrain-based Arcapita Bank, an international investment firm, has announced the filing of an amended consensual plan of reorganisation which seeks to "maximise recoveries to creditors and other stakeholders". The compan

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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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Dana Gas, creditors to thrash out sukuk deal

Dana Gas could become the first company in the UAE to restructure a bond as concerns rise that it will not have enough cash to repay a $1 billion convertible sukuk (Islamic bond) at maturity in October. The Abu Dhabi-listed firm said

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KFIC completes partial debt restructure

Kuwait Finance & Investment Company (KFIC) has completed a restructuring to partially deal with the KD158 million ($567.22 million) debt it had built up by the end of last year, its chief executive said in an interview. The company suf

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Drydocks sees $2.2bn debt restructing by July

Drydocks World, a unit of Dubai World, has the backing from majority of its key creditors and plans to complete its $2.2 billion debt restructuring by this July, said its top official. Khamis Juma Buamim, the chairman of Drydocks World and

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Greece, creditors on verge of clinching debt deal

Greece and its private creditors said they are piecing together the final elements of a debt swap and expected to have a deal ready next week, essential for sealing a new bailout and avoiding an uncontrolled default. After muddling through

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Global eyes new debt deal

Kuwait's Global Investment House said it has asked creditors to delay principal repayments on debt due in December as part of a move to renegotiate a $1.7 billion restructuring agreement. The investment firm also asked to defer an incr

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