Friday, 27 November 2015
Last updated 1 hour ago
Dec 1 2009 | 12:32pm ET
In the days since Dubai World announced that it would have to delay its debt payments, the value of its Islamic bonds have plummeted and hedge fund QVT Financial has rallied bondholders to consider their legal options.
New York-based QVT has formed a creditors group that holds “over 25% of the nominal value” of the $3.52 billion in bonds issued by Nakheel, a property-development subsidiary of Dubai World. The group is in “the process of considering its options,” law firm Ashurst, which is representing the creditors, said.
Among those options are seizing the land in Dubai that backs the bonds. It’s unclear, however, that the land is worth much, or that the Dubai courts would allow a seizure. Dubai World is owned by the Dubai government, although the emirate has decided against guaranteeing the bonds.
QVT’s efforts were first reported by The Wall Street Journal. The hedge fund is reportedly seeking other hedge funds and money managers to join the creditors group.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…