Dubai ready to present debt plan
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Tue March 23, 2010 9:16 pm
UAE. Dubai World will present plans to restructure its US$26 billion debt pile to creditors this week, with details emerging as soon as Wednesday, sources familiar with the discussions told Reuters.
The plan on how the emirate plans to repay its commitments will be discussed with an informal committee, which represents 97 creditors to the state-owned conglomerate, in Dubai, said the sources, who spoke on condition of anonymity.
On Tuesday, a Dubai government spokeswoman said meetings with the core creditor committee, known as CoCom, were part of "an ongoing dialogue related to the restructuring process".
The spokeswoman said Dubai remains on track to present a formal proposal to creditors in March. The panel includes Standard Chartered, HSBC, Lloyds, Royal Bank of Scotland, Emirates NBD and Abu Dhabi Commercial Bank, which, combined, are believed to have two-thirds of the total exposure.
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Tue March 23, 2010 9:16 pm
UAE. Dubai World will present plans to restructure its US$26 billion debt pile to creditors this week, with details emerging as soon as Wednesday, sources familiar with the discussions told Reuters.
The plan on how the emirate plans to repay its commitments will be discussed with an informal committee, which represents 97 creditors to the state-owned conglomerate, in Dubai, said the sources, who spoke on condition of anonymity.
On Tuesday, a Dubai government spokeswoman said meetings with the core creditor committee, known as CoCom, were part of "an ongoing dialogue related to the restructuring process".
The spokeswoman said Dubai remains on track to present a formal proposal to creditors in March. The panel includes Standard Chartered, HSBC, Lloyds, Royal Bank of Scotland, Emirates NBD and Abu Dhabi Commercial Bank, which, combined, are believed to have two-thirds of the total exposure.