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Sovereign Wealth Funds Briefing - Categorized | Investment, Market

Dubai fund gives up control of Barneys

Posted on 08 May 2012

Dubai’s sovereign wealth fund has given up control of luxury retailer Barneys New York, dealing a blow to Istithmar World , the emirate’s investment arm which paid $942m for the high-end retailer in 2007.
In a deal with the retailer’s creditors, Perry Capital, the company’s largest lender, and Yucaipa Companies, the investment firm run by billionaire Ron Burkle, will exchange debt for equity, reducing Barneys’ long term debt from $590m to $50m………………………………………..Full Article: Source


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