Tuesday 10 July 2012

Dubai Group debt talks upset by banks' exit - The National

The withdrawal of three banks from Dubai Group's US$10 billion (Dh36.73bn) debt talks threatens to break an uneasy peace with lenders just as some of the emirate's corporations return to international bond markets.

Many of the emirate's government-related companies, collectively known as Dubai Inc, have had to rely on creditors' willingness to refinance debts coming due this year.

Banks have in recent months helped companies that became heavily indebted during the boom years including Limitless, Drydocks World and Dubai International Capital.

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