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FINANCIAL NEWS
SC Lowy Financial eyes Nakheel creditors
31 Jul 2011
(MENAFN) Reuters reported seeing a document that shows that SC Lowy Financial, a Hong Kong-based distressed debt firm, approached trade creditors of Dubai’s Nakheel seeking taking the claims off their hands, reported Arabian Business.
This comes as the first clear sign that distressed players are circling Nakheel’s USD10.9 billion debt restructuring.
The firm is asking trade creditors to submit their proof of claims so that it can be reviewed for details, the document said.
Nakheel, builder of palm-shaped islands, was at the centre of Dubai’s debt crisis in 2009 after the global financial crisis hit the UAE’s real estate sector.
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