Bankers are optimistic that a full-scale restructuring of the US$10 billion (Dh36.72bn) debts of Dubai Holding could be imminent following the settlement of a legal action against a unit of the conglomerate.
Royal Bank of Scotland and three other international banks have agreed terms to restructure debts of Dubai Group, the financial arm of the holding company, that would involve their dropping a controversial legal action against the Dubai company.
One banker said: "It was essential to remove this obstacle before we could proceed to consider the wider picture. Now common sense has prevailed on this legal issue, serious talks can begin on the bigger figure."
Unit's restructuring shifts focus to Dubai Holding - The National
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