Emirates NBD PJSC (EMIRATES) and Noor Islamic Bank are among creditors close to an agreement with Dubai Group LLC on restructuring $6 billion of debt after more than two years of talks, four bankers familiar with the matter said.
Law firm Linklaters LLP, which represents the so-called co- ordinating committee of creditors, is drafting the accord and a final agreement may be reached as soon as mid-December, the people said, asking not to be identified as talks aren’t public. The deal envisages interest of 1 percent to 2.5 percent and was proposed by Dubai Group earlier this year, the people said.
The creditor group, comprised of about 35 banks, is seeking to win approval from Royal Bank of Scotland Group Plc, Standard Bank Group Ltd. and Commerzbank AG for the deal, three of the people said. The three banks walked away from the lender group in July because of a lack of progress on the restructuring.
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