Lawyers representing holders of sukuk bonds from Nakheel, the real estate unit of Dubai World, are expected to reject any attempt by the government-owned holding company to call a standstill on its debts.
After a conference call held yesterday, Ashurst, the firm representing the bondholders, is expected to write to Dubai World saying that more than 25 per cent of bondholders expect full repayment of $4bn by December 14 or, after a two-week grace period, on December 28.
One bondholder said: "We are not going to give the government the luxury of a standstill that avoids default. We expect full repayment, so we are keeping the pressure as high as possible."
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