Wednesday, March 3, 2010

Latest Update on Dubai Financial Crisis

Dubai World has met creditors, including executives from HSBC and Royal Bank of Scotland, to discuss its debt repayment plan.

A Dubai World spokesman said the meeting was an overview of its plans and it would continue to work with financial creditors in an orderly way.

It was the first face-to-face meeting since the firm asked for an extension on its debt repayments in November.

News of the delay prompted big falls on stock markets around the world.

Abu Dhabi subsequently provided Dubai with a $10bn loan to stop it from defaulting on a repayment. -

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