Four lenders including the Royal Bank of Scotland have dropped a lawsuit against Dubai Group after agreeing to restructure debts owed by the Dubai ruler’s troubled investment firm.
The deal, which is contingent on Dubai Group agreeing a broader deal with other creditors over $6bn owed to banks, would mark the end of an embarrassing saga for the emirate as its recovery gathers pace.
The parent of Dubai Group, Dubai Holding, has agreed to pay back the dissenting creditors at 18.5 cents a dollar and to take over their debt once the investment firm’s 35 other banks agree to a longer-term restructuring deal, bankers say. Dubai Group, owned by Sheikh Mohammed bin Rashid Al Maktoum, declined to comment.
Suit against Dubai Group dropped - FT.com
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