Emirates REIT Forced To Withdraw Restructuring Proposal
Following news of Emirates REIT facing demand for better governance and transparency from its Ad Hoc Group of debt holders, the REIT’s debt restructuring plan failed to pass as it did not secure the minimum of 75% votes. The debt restructuring proposal was for a...
Emirates REIT’s Ad Hoc Group Call for Better Governance, Lower Management Fees
Emirates REIT, UAE’s largest sharia-compliant REIT, faces demand from debtholders for greater transparency and governance changes ahead of today’s vote on restructuring plans. The Dubai-based REIT plans to restructure a $400mn sukuk maturing in December 2022, with a...
Emirates REIT Cut to C on Proposed Distressed Exchange
Dubai-based Emirates REIT’s issuer default rating was downgraded to C from B+ by Fitch following the company’s proposed debt exchange offer to sukuk holders. Fitch also downgraded its senior unsecured sukuk securities, issued via Emirates REIT Sukuk...
