Dubai World DBWLD.UL, the state-linked entity whose massive debts brought the emirate to the brink of collapse in 2009, faces the first repayment in its restructuring deal in three years time and creditors are once again growing restless.
With none of the promised asset sales materializing - Dubai needs to raise $4.4 billion to meet the first obligations in the five and eight-year debt repayment deal - worries are emerging another drawn-out restructuring is inevitable.
"When we speak to the government, they say there is no rush and it shows everything is under control. However, as a banker, I'm worried as I don't know where the money is coming from," said one senior banker at an international lender owed money by Dubai World, speaking on condition of anonymity due to the sensitivity of the subject.
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