Dubai's pledge to cover gaps in Dubai World's debt repayment plan has become a sticking point for lenders, some of whom want state guarantees to fall under British -- not local -- law, bankers close to the matter said.
The issue arose at Dubai World's all-creditor meeting on July 22, creating another hurdle as the group seeks to push through restructuring proposals.
At stake are Dubai's shortfall guarantees to plug any gap left after asset sales to fund the conglomerate's plan to repay US$14.4 billion in bank debt."
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