Estados Unidos ha arrendado por un dólar y durante 99 años a Israel el terreno para su nueva embajada en Jerusalén Oeste, pero esa parcela perteneció hasta...
- 14/09/2009 02:00
DUBAI. Istithmar World, the sovereign wealth fund of Dubai, is reported to be considering a halt to investments as it undertakes an ove...
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Agrega La Estrella en Google ↗️DUBAI. Istithmar World, the sovereign wealth fund of Dubai, is reported to be considering a halt to investments as it undertakes an overhaul of its operations.
Istithmar is one of the flagship companies of state-owned Dubai World, whose real-estate unit Nakheel is seeking to refinance $3.52bn Islamic bonds maturing in December.
Istithmar, run by David Jackson, said recently that John Amato and Felix Herlihy, its co-chief investment officers, were leaving the firm to explore other opportunities.
A restructuring by Istithmar and its parent Dubai World may mark the most public reversal of fortune for a state-controlled investment firm since global credit markets seized up in 2007.
Dubai World has $59bn of liabilities, a large proportion of the Gulf emirate's total debt.
The company, which owns Barneys New York, hired an advisory firm in August to help it explore options to shore up the US luxury chain's financial position.
Dubai World is also trying to persuade bank rs to restructure up to $12bn of its loans, an indication that the emirate is starting to grapple with the challenge posed by its $80bn-plus debt pile.
Bankers close to the talks say Dubai World is gauging interest from about 10 banks for a restructuring of outstanding syndicated debt and bilateral loans for the holding company as well as Nakheel and Istithmar.
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