Group refinances debt
An indebted business park owned by Dubai’s government says it has received sufficient support from lenders to repay US$2 billion early as part of a broader refinancing effort. Jebel Ali Free Zone (JAFZ) said in a NASDAQ Dubai statement yesterday that creditors representing about 89 percent of the 7.5 billion dirham sukuk, or Islamic bond, have approved the plan. JAFZ was supposed to repay the debt this November. It sought agreement from lenders to repay it early so it could put a new refinancing plan in place. JAFZ operates a sprawling industrial and logistics park next to Dubai’s Jebel Ali port, the Mideast’s largest.
Gambia looks for oil
Gambia and Camac Energy Inc of the US signed a contract for the exploration and production of oil off the West African country’s coast, state-run media said. The government selected Camac from among three companies shortlisted for drilling rights at Gambia’s A2 and A5 concessions, the oil ministry said in a statement broadcast over state-owned radio and GRTS television. Camac is a Houston-based explorer with operations in Nigeria and, through subsidiaries, in China. The company will work closely with Gambia National Petroleum Corp. and the oil ministry, an unidentified Camac official who signed the agreement said from Lagos, Nigeria.
Delphi seeks big expansion
Delphi, the giant automotive supplier that was once part of General Motors, has offered just under US$1 billion for the major piece of a French company that makes electronic connectors. Delphi said late on Thursday it was close to completing a deal to buy the motorized vehicles division of connectors maker FCI for US$972 million. Delphi said the deal would broaden its customer base and boost its business in Asia, giving it manufacturing and engineering facilities in China, India and South Korea. Delphi was rescued from bankruptcy in 2009 by a consortium of hedge fund and private equity owners, including Paulson & Co, Elliott Associates, Silver Point Capital and Oaktree Capital.
Yahoo kills tablet mag
Yahoo is killing a tablet magazine called “Livestand” just six months after its debut on the iPad. The decision announced on Friday is part of the struggling Internet company’s latest turnaround effort. Last month, Yahoo Inc told analysts it would close or combine about 50 services that have not been performing up to expectations. “Livestand” featured software that could be customized to pull content from Yahoo’s own Web site and other digital publishers to cater to each user’s tastes.
Icahn buys into gas firm
Activist investor Carl Icahn has taken a sizable stake in Chesapeake Energy Corp and is calling for at least four of company’s directors to be replaced. Icahn spent about US$785 million to buy 50.1 million shares, or 7.6 percent, of the US’ second-largest natural gas producer. The billionaire investor’s stock buy was disclosed in a regulatory filing on Friday. It comes as Chesapeake has been hit hard by falling natural gas prices. It is also being criticized for allowing chief executive Aubrey McClendon to borrow money from companies that do business with Chesapeake and allowing him the perk of buying personal stakes in company wells. McClendon gave up his post as chairman on May 1 after reports of his financial dealings were made public.