Jan. 31, 2023, 8:47 AM
US hedge fund Davidson Kempner Capital Management bought $1.1 billion in bad debt from Abu Dhabi Commercial Bank PJSC as the lender cleans up a balance sheet battered by a series of corporate defaults.
The portfolio consists of 44 corporate loans to United Arab Emirates-based small- and medium-size enterprises, according to a
ADCB, the third-largest lender in the UAE, was impacted by corporate collapses such as that of hospital group NMC Health Plc, payments firm Finablr Plc and construction company Arabtec Holding. Since lending to these …
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