Despite creditor demands, Dubai Group is unlikely to provide any guarantees to lenders as it continues efforts to restructure around USD 10bn in debt, two creditors told dealReporter.
Royal Bank of Scotland (RBS), Standard Bank and Commerzbank, which withdrew from formal negotiations with Dubai Group in June, were seeking an option to exit the restructuring after five years and a related “liquidity guarantee”, one creditor said. The exit option has since been included in the term sheet without any guarantees, he said.
RBS wanted a guarantee to ensure payment in case there was a problem with asset sales linked to the exit option, said the same creditor. He believed the bank remained in daily contact with Dubai Group.
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