Tuesday, 22 December 2009

Dubai set for Jan standstill pitch, meeting tepid

Dubai World disappointed creditors on Monday by making little progress on securing standstill on $22 billion of debt, as a key creditor meeting turned out to be a tame affair with less than half the expected attendees showing up.

A banking source said that Dubai World told creditors it would pitch the standstill proposal in mid-January. [ID:nLDE5BK1FS].

Dubai World [DBWLD.UL] said the meeting was an overview and that creditors need to form a panel for talks to proceed, but gave few details. [ID:nLDE5BK0WQ]

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