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DUBAI (Reuters) - Holders of around $70 million in troubled bonds issued on behalf of Air Seychelles are considering options including enforcement against the African carrier, according to sources and documents.
The action under consideration is the latest twist in broader creditor efforts to recover $1.2 billion in funds owed by Abu Dhabi’s Etihad Airways and related airlines including Air Seychelles.
Etihad is state-owned Air Seychelles’ second-biggest shareholder.
Air Seychelles, which has been hit particularly hard by the coronavirus crisis, was part of a consortium comprising Etihad and related airlines that borrowed the $1.2 billion through a special purpose vehicle in 2015 and 2016.
Dubai-based marine services firm SMG has struggled since the collapse in oil prices in 2015, which led to a dramatic fall in chartering rates and a dryi.
Business
January 10, 2021
KARACHI: Business lending at banks remained flat in almost six months of this fiscal year, despite central bank efforts to get the credit flowing via various concessionary financing facilities for quick economic recovery.
Credit to the private sector stood at Rs118.270 billion during July 1 to December 25, 2020, up 0.17 percent from a year earlier, latest figures from the State Bank of Pakistan (SBP) showed.
In the same period of last fiscal year, these loans were Rs118.069 billion.
Money supply M2 grew at 3.88 percent in July-December FY201, up from 3.67 percent in the corresponding period of last year, the SBP data showed.