Lloyds Said to Drop Sale of $540 Million of Dubai World Debt - Bloomberg:
"Lloyds Banking Group Plc (LLOY), one of Dubai World’s largest creditors, dropped a plan to sell its loans to the company after offers fell short of the reserve price, according to three people with knowledge of the matter.
The U.K. bank decided to keep $540 million of its loans to the Dubai-based company following an auction today, said the people, who asked not to be identified because they weren’t authorized to speak publicly.
Lloyds, Britain’s biggest mortgage lender, resigned from the committee that represented creditors during Dubai World’s $24.9 billion debt restructuring earlier this year, the people said. Royal Bank of Scotland Group Plc (RBS), the U.K.’s largest government-owned lender, has also left the panel, they added."
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