Friday, March 12, 2010

Dubai Financial Debt

The debt-ridden Dubai World conglomerate is outlining proposals to restructure $22 billion of its debt to leading creditors, The National daily reported Tuesday.
Dubai World's chief restructuring officer Aidan Birkett met with the Hongkong Shanghai Banking Corporation (HSBC) in London Monday "to outline proposals for settlement" of the group's debt, the Abu Dhabi-based paper said.

HSBC is a member of the coordinating committee for the 90-plus Dubai World lenders, it said.
Birkett is also expected to meet other lenders, including the committee's chair, the Royal Bank of Scotland, The National added.
A Dubai World spokesman refused to comment on the report.
But a Dubai official told AFP Monday that the government expected the indebted conglomerate to present a formal proposal this month to reschedule the debts of its troubled subsidiaries.
The London-based Financial Times reported on Monday that the group was expected to present lenders with a plan this week.
Dubai World's proposals could offer between 60 and 100 percent repayment to its creditors depending on the length of time they would agree to roll over their loans, The National said.

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