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Essdar moves to consolidate Blue City control
14 July 2010
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[essdar]
[cyclone]
[AAJ]
[moody's]
Essdar Investments is looking to consolidate its control of the stalled Blue City real estate project in Oman, after taking control of $661.5 million of the project's most senior tranche of bond debt. On 9 June, it bought $399 million in outstanding A1 bonds, at 63% of par, and $262.5 million of A3 bonds, at 62.4% of par, in a public tender. It has now offered to pay 20% of par for a further $193 million...
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