Creditors of Nakheel, which has asked for a restructuring of its debt, should refinance rather than take Dubai World to court in a “fruitless exercise”, the regional head of Deutsche Bank says.
Creditors including HSBC, Royal Bank of Scotland, Standard Chartered, Lloyds, ADCB and Emirates NBD gathered in Dubai yesterday for their first formal meeting since Dubai World asked to restructure its US$26 billion (Dh95.49bn) of debt, including a $4bn repayment by Nakheel of an Islamic bond due next Monday.
“It is not in their (creditors’) benefit to take the government entity to court … it is a fruitless exercise,” said Henry Azzam, the chief executive of Deutsche Bank Middle East.
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