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Tuesday, 25 January 2011

Dubai Group Said to Form Bank Restructuring Committees for $6 Billion Debt - Bloomberg

Dubai Group LLC, the investment company seeking to delay payments on about $6 billion of loans, has set up two bank committees to speed up its debt restructuring, two people with knowledge of the talks said.

Nexgen Group, a unit of France’s Natixis SA, and Dubai- based Mashreqbank PSC make up one group representing the secured lenders, whose loans are backed by assets, the two people said, declining to be identified because the information is private.

Royal Bank of Scotland Group Plc and Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, lead the other group representing partially secured and unsecured lenders, the people said. Other members are Union National Bank PJSC, Noor Islamic Bank PJSC, Al Hilal Bank and Commercial Bank of Qatar QSC. The group held its first meeting last week.