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REUTERS
Bahrain's GFH in talks to extend $100 mln loan-IFR
Tue, Jun 29 2010
* GFH seeks to extend $100 mln loan maturing in August-CEO
* Seeks extension by two to three years
MANAMA, June 29 (Reuters) - Bahrain's Gulf Finance House GFHB.BH (GFHK.KW: Quote, Profile, Research, Stock Buzz) is in talks with lenders of a $100 million loan maturing in August to extend the facility, its chief executive said in remarks published on Tuesday.
Ted Pretty told IFR, a publication owned by Thomson Reuters, that the Islamic investment house was in final stages of negotiations with the banks to extend the maturity of the loan by two to three years to give the firm more time to revamp its business model and wait for asset prices to recover.
GFH in February at the last moment renegotiated the original $300 million facility provided by the banks by paying back $200 million and extending $100 million by six months.
Bankers and analysts have said GFH was expected to ask for an extension of the new loan as it was unable to implement sufficient asset sales since February to improve its liquidity situation.
In May it sold a stake in the Bahrain Financial Harbour real estate development for $262 million to Emar Bahrain, but this was mostly an asset swap with a cash component of only $40 million.
Like other investment houses in Bahrain and the region, GFH has struggled to generate new business after a regional property boom ended in 2008, sweeping away its business model of relying on fees charged on investor money raised for property and private equity projects. (Reporting by Frederik Richter; Editing by David Holmes)
© Thomson Reuters 2010. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.
Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to colleagues, clients or customers, use the Reprints tool at the top of any article or visit: www.reutersreprints.com.
Bahrain's GFH in talks to extend $100 mln loan-IFR
Tue, Jun 29 2010
* GFH seeks to extend $100 mln loan maturing in August-CEO
* Seeks extension by two to three years
MANAMA, June 29 (Reuters) - Bahrain's Gulf Finance House GFHB.BH (GFHK.KW: Quote, Profile, Research, Stock Buzz) is in talks with lenders of a $100 million loan maturing in August to extend the facility, its chief executive said in remarks published on Tuesday.
Ted Pretty told IFR, a publication owned by Thomson Reuters, that the Islamic investment house was in final stages of negotiations with the banks to extend the maturity of the loan by two to three years to give the firm more time to revamp its business model and wait for asset prices to recover.
GFH in February at the last moment renegotiated the original $300 million facility provided by the banks by paying back $200 million and extending $100 million by six months.
Bankers and analysts have said GFH was expected to ask for an extension of the new loan as it was unable to implement sufficient asset sales since February to improve its liquidity situation.
In May it sold a stake in the Bahrain Financial Harbour real estate development for $262 million to Emar Bahrain, but this was mostly an asset swap with a cash component of only $40 million.
Like other investment houses in Bahrain and the region, GFH has struggled to generate new business after a regional property boom ended in 2008, sweeping away its business model of relying on fees charged on investor money raised for property and private equity projects. (Reporting by Frederik Richter; Editing by David Holmes)
© Thomson Reuters 2010. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.
Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to colleagues, clients or customers, use the Reprints tool at the top of any article or visit: www.reutersreprints.com.