Access over 20 million homework & study documents

Case study camerron

Content type
User Generated
Type
Study Guide
Rating
Showing Page:
1/6
Case study
East Cameron Gas Sukuk a case study on sukuk
default
By Haitham Zeineldin

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/6
Contents
Abstract: .............................................................................................................................. 3
Keywords: ............................................................................................................................ 3
Background: ........................................................................................................................ 3
Role of rating agencies: ....................................................................................................... 4
A seemingly good deal going bad: ...................................................................................... 4
What went wrong? ............................................................................................................. 5
To sum it up: ....................................................................................................................... 5
Lessons learnt: .................................................................................................................... 6

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/6

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 6 pages?
Access Now
Unformatted Attachment Preview
 Case study East Cameron Gas Sukuk – a case study on sukuk default By Haitham Zeineldin Contents Abstract: 3 Keywords: 3 Background: 3 Role of rating agencies: 4 A seemingly good deal going bad: 4 What went wrong? 5 To sum it up: 5 Lessons learnt: 6 Abstract: East Cameron Partners (ECP) was the first US entity to issue sukuk through a two-tiered Musharakah structure. The issue was thought of as an advance in the US Islamic finance market where BSEC structured the deal, Merrill Lynch was the book-runner, KPMG were the auditors and the legal advisers were Vinson & Elkins LLP, Walkers and Baker Hostettler. In 2008, East Cameron filed for Chapter 11 bankruptcy protection under the US Bankruptcy Code. Keywords: East Cameron Gas Company, sukuk, SPV, default, asset backed. Background: In June 2006 East Cameron Partners became the first and only Sukuk issuers in the USA. The issue was through a SPV East Cameron Gas Company established in the Cayman Islands. A significant feature of the ECG sukuk structure was the classification of the overriding royalty interest in the oil and gas reserves as real property under US law. The proceeds of the 13-year Sukuk for $165 million was directed towards capital and operating capital costs associated with drilling and operating wells in the Gulf of Mexico for a Texas-based oil and gas company. To avoid any association of riba with the deal, the funds raised through the offering were also used to eliminate nearly all of th ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Really great stuff, couldn't ask for more.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Documents