Dubai World creditors face nine-year wait for their cash

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Creditors of Dubai World, which include RBS and Lloyds, could be forced to accept repayment delays of as much as nine years in a sign that the recession is putting pressure on lenders to take what they can out of troubled investments.

Dubai World, which last year stunned financial markets by asking creditors to postpone some of its debt payments, is expected to announce a $26bn (£17.3bn) debt restructuring plan within days.

The plan will be presented to a steering committee of about 10 banks, including Standard Chartered, HSBC, Lloyds and RBS, at a meeting as early as tomorrow , according to reports.