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Islamic Finance Briefing - Categorized | Bonds (Sukuk), Compliance, Tax, Legal, Regulatory more

Creditors fail to vote on dissolving $650mln Saad Sukuk

Posted on 02 July 2009

From Zawya Dow Jones: Creditors for a $650 million sukuk issued by troubled Saudi conglomerate Saad Group failed to vote in a meeting last week on whether to dissolve the Islamic bonds and get a payout, a banker familiar with the matter told Zawya Dow Jones.

No decision was taken at the gathering held in London on a proposal to appoint Citicorp Trustee Company Ltd., a unit of Citigroup Inc (C) to act on the behalf of investors or vote on whether to dissolve the Golden Belt 1 sukuk as not all creditors were present, the banker said………Full Article (Subscription Required) : Source

 
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