North Africa/Middle East

Corporate collapses and debt restructurings have been common in the Persian Gulf since the financial crisis. But the U.S. bankruptcy filing by the Bahrain-based investment firm Arcapita has presented an unusual sight for the region – a debt-laden company ...

Daily Headline - global.abi.org - 05/16/2013 - 22:03 - 0 comments

Arcapita Bank BSC, an Islamic-compliant fund manager, won court permission to borrow $350 million from Goldman Sachs International (GS) to finance its exit from bankruptcy, Bloomberg reported. U.S. Bankruptcy Judge Sean Lane in Manhattan approved the fin ...

Daily Headline - global.abi.org - 05/15/2013 - 21:06 - 0 comments

The Israeli government was debating the final points of a two-year austerity budget early Tuesday that would cut spending and raise taxes, outraging many Israelis who voted in a new government this year after promises of economic relief, the Internatio ...

Daily Headline - global.abi.org - 05/13/2013 - 21:36 - 0 comments

Dubai Group, an investment company owned by Dubai's ruler, has agreed to a $10 billion debt restructuring with its main bank creditors after three years of talks, potentially lifting a cloud of uncertainty that has engulfed the emirate since the fin ...

Daily Headline - global.abi.org - 05/09/2013 - 20:03 - 0 comments

The inadequacy of off-plan sales was supposed to be one of the lessons developers and regulators learned from the crisis, which sent real estate prices tumbling by more than half in some parts of Dubai. Such sales were problematic because customers paid ...

Daily Headline - global.abi.org - 05/06/2013 - 20:36 - 0 comments

Debt-laden SolarWorld is close to securing financial backing from a Qatari investor, its chief executive said on Thursday, the second major move in a week in its efforts to get back on its feet. "We will publish the size of the potential stake at th ...

Daily Headline - global.abi.org - 05/02/2013 - 22:07 - 0 comments

A U.S. court is expected on June 11 to confirm the restructuring plan of Bahrain-based Arcapita , the company said, making it the first Gulf company to file for bankruptcy protection under Chapter 11 rules, Thomson Reuters News & Insight reported. Li ...

Daily Headline - global.abi.org - 05/01/2013 - 21:39 - 0 comments

Nochi Dankner, the chairman of debt-ridden Israeli conglomerate IDB Holding Corp, won a key battle in a fight with bondholders, with a Tel Aviv court allowing Dankner to keep control of the company albeit with outside supervision, Reuters reported. Many ...

Daily Headline - global.abi.org - 04/30/2013 - 21:16 - 0 comments

After two weeks of negotiations over a possible $4.8bn loan deal to prop up Egypt’s flailing economy, an IMF team will probably return on Tuesday without a deal to Washington, where talks are likely to proceed, officials and diplomats said, the Financi ...

Daily Headline - global.abi.org - 04/15/2013 - 21:53 - 0 comments

Egypt needs IMF money to stay afloat, but the international lender is demanding tough subsidy cuts from an already-embattled government, The Christian Science Monitor reported. President Mohamed Morsi is facing decision time on a national financial c ...

Daily Headline - global.abi.org - 04/03/2013 - 21:37 - 0 comments