based distressed debt firm, founded by ex-Deutsche Bank veterans, has approached trade creditors of Dubai's troubled property firm Nakheel with an aim to taking the claims off their hands, a document seen by Reuters showed. The move by SC Lowy Financial, a distressed debt investment firm set up by Deutsche veterans Michel Lowy and Soo Cheon Lee in 2009, is the first clear sign that distressed players are circling Nakheel's $10.9 billion debt restructuring. "We are reaching out to all trade creditors/vendors of Nakheel with the view of investing in their trade claims," SC Lowy said in an emailed document to one of the trade creditors. "Our firm is able to provide trade creditors with an option for an exit rather than waiting on the outcome of the insolvency process." The firm is asking trade creditors to submit their proof of claims so that it can be reviewed for details.
