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Dubai Defaults
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State-owned Dubai World has signed up the last remaining creditor to a $23bn (£15bn) debt restructuring.
The last investor - US distressed debt fund Aurelius Capital Management - sold its position to Deutsche Bank, one of the company's main creditors, according to a report in the Financial Times.
The holding company said in September that 99% of its creditors had already agreed to the new repayment terms.
It means Dubai World can now avoid a lengthy tribunal to complete the deal.
BBC NewsThere is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
Dubai Group, an investment conglomerate that is part of Dubai Holding, is initiating talks with creditors after it missed an interest payment last month on a $33 million (Dh121.11 million) loan.
The five-year loan, which matures on December 13, 2011, was used to fund Dubai Group's acquisition of a 49 per cent stake in Bank Islam Malaysia. Bank Islam earlier this year said Dubai Group was trying to sell the stake.
Dubai Group has investments in several entities including Dubai Bank and Europe's Marfin Group.
The group has formed a coordinating committee of banks to negotiate debt repayment. It has a $1.5 billion murabaha Islamic financing facility, due in August next year, in which 24 banks have participated.
"These discussions are making good progress and Dubai Group is confident of a positive outcome that is beneficial to all stakeholders. In the meantime, Dubai Group continues to service its debts," it said in a statement yesterday, without providing details on the value or timeline of debt repayment delays.
The arrangers of the murabaha included Al Hilal Bank, First Gulf Bank, Noor Islamic Bank, Qatar's Al Khaliji Commercial, Royal Bank of Scotland and Standard Bank.
"It's an overhang in the short term, but we don't see a systemic risk here that can break out. Dubai has set a precedent that it will try to quantify the hit different banks will have to take. This will be contained and managed by banks," Rami Sidani, Middle East head of investment at Schroders, told Gulf News.
Gulfnews.com
RBS likely to take more hits! :whistle:There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0
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