Furious investors warn Dubai it will ‘never raise a penny again’
November 28th, 2009 | Author: admin
Hopes Abu Dhabi will ride to the rescue of troubled state as experts fear crisis could plunge world back into recession Furious bondholders have arranged emergency talks with Dubai officials this week in an effort to get some clarity on the financial health of the state-owned company Dubai World, which caused widespread panic on world markets last week when it asked creditors for a six-month standstill on debt repayments. A conference call has been organised by the New York-based hedge fund QVT Financial, after an attempt last week was abandoned when the telephone system collapsed under the weight of calls. Investors are angry that the announcement was made at the start of the Islamic Eid and US Thanksgiving holidays, leaving them in the dark for days. “They won’t be able to raise a penny again from the international investment community,” one hedge fund manager said
Excerpt from:
Furious investors warn Dubai it will ‘never raise a penny again’
