Tags: DUBAI | DUBAI WORLD | NAKHEEL | DEBT | DEFAULT | CREDIT | CREDITORS

Dubai World to Make First Concrete Debt Proposals

Thursday, 11 Mar 2010 10:48 AM

Dubai World will present its first concrete proposals to local banks on Thursday on restructuring $22 billion in debt, The National newspaper reported, citing unnamed sources.

The state-owned conglomerate has requested meetings with Emirates NBD and Abu Dhabi Commercial Bank to present its proposals, which will probably include a number of options to settle the debt, the paper said on Thursday.

Sources have told Reuters that options likely to be considered range from immediate repayment with the principle discounted or partial repayment with extended maturities with little or no interest.

Dubai World held informal talks with major creditors, which include HSBC and Standard Chartered, in London earlier this week as it finalises a deal.

There is widespread expectation among creditors that Abu Dhabi will ride to the rescue, as it did in December when it helped Dubai avert an embarrassing default on an Islamic bond linked to property developer Nakheel.

© 2017 Thomson/Reuters. All rights reserved.

   
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Dubai World will present its first concrete proposals to local banks on Thursday on restructuring $22 billion in debt, The National newspaper reported, citing unnamed sources. The state-owned conglomerate has requested meetings with Emirates NBD and Abu Dhabi Commercial...
DUBAI,DUBAI WORLD,NAKHEEL,DEBT,DEFAULT,CREDIT,CREDITORS,MIDDLE EAST,ABU DHABI,CONSTRUCTION
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2010-48-11
Thursday, 11 Mar 2010 10:48 AM
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