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Hong Kong firm eyes Dubai's Nakheel's debt
SC Lowly Financial says it is reaching out to all the troubled developer's creditors with a view to investing in their trade claims
Ahram Online Published in Ahram Online on 02 - 08 - 2011

A distressed debt player is approaching the creditors of troubled Dubai real estate firm Nakheel in the hope of obtaining its claims.
According to Egyptian investment bank Beltone Financial, Hong Kong's SC Lowly Financial said on Monday that it is "reaching out to all trade creditors/vendors of Nakheel with the view of investing in their trade claims. Our firm is able to provide trade creditors with an option for an exit rather than waiting on the outcome of the insolvency process.
A Nakheel spokeswoman said the firm had not been approached about the matter.
Nakheel, owing its name to the palm-shaped islands it built, was at the centre of Dubai's debt crisis in 2009 after the global financial crisis hit the Emirates.
The emirate rattled markets in 2009 when Dubai World , one of the Dubai government's three flagship holding companies, sought a delay in repaying US$26 billion of debt linked mainly to property units Nakheel and Limitless.
Abu Dhabi, home to most of the UAE federation's oil wealth, lent Dubai $10 billion, helping to avert default on a bond issued by Nakheel.

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