Key meetings of creditors of Bahrain-based Awal Bank have been held in Bahrain and London, according to sources.
The meetings were called by law firm Charles Russell, acting as external administrator, said the sources to the G
Dubai World's biggest creditors have agreed a deal with the state-owned conglomerate to renegotiate its debt repayment schedule, one of Dubai's top government officials said on Wednesday.
However, Sheikh Ahmed bin Saeed al
Investment Dar, the Kuwaiti firm whose assets include a stake in luxury carmaker Aston Martin, said on Saturday a local court had ruled to lift protection the company had against legal action by creditors.
Investment Dar was one o
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
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.
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
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".
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.
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