A group of international and regional banks met Dubai’s struggling conglomerate, Dubai World, for the first time on Monday as talks began on the company’s request to restructure debts of $26bn.
People familiar with the process said it was a “kick off” meeting for what is expected to be a long and drawn-out process and it included key creditors expected to form a steering committee.
No restructuring plan was presented by Dubai World, which shocked markets late last month when it said it was seeking a six month standstill with creditors.
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