Search This Blog

Monday, 21 December 2009

Bank creditors to hold Dubai World talks

Representatives of more than 90 Dubai World bank creditors are expected in the emirate on Monday for a first face-to-face meeting between the company and its banks since it told them to prepare for the restructuring of the $22bn in debts needed to keep it out of the insolvency courts.

Creditors will meet a six-strong co-ordinating committee, including HSBC and RBS, to hear Dubai World sketch out plans for its restructuring, now troubled developer Nakheel’s $4.1bn obligation on December’s sukuk will be paid off thanks to a $10bn bail-out loan from Abu Dhabi.

To meet the government’s terms for further support on the remaining $5.9bn bail-out, Dubai World is expected to ask creditors to freeze debt repayments until May next year.

No comments:

Post a Comment