Dubai and creditors exchange blows - The Majlis
When Dubai World, the huge emirate-owned investment company, announced a plan to restructure some $26 billion in debt on Wednesday, markets welcomed the news.
Now, less than a week later, disagreements between Dubai World and some of its 97 creditor banks are becoming public. A handful of banks on the committee that's coordinating Dubai World's debt restructuring are angry that other creditors look set to receive preferential repayment.
Some of the biggest lenders to Dubai World believe that they are going to be given a worse deal than creditors for Nakheel, a real-estate development subsidiary of the company that is responsible for most of Dubai World's losses.
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