Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
THURSDAY, 24 APR 2014
11:43 AM Beirut time
Weather    
Beirut
22 °C
Blom Index
BLOM
1,214.01down
Middle East
Follow this story Print RSS Feed ePaper share this
Dubai Group lenders seek early exit
Bloomberg
A+ A-

Dubai Group LLC’s creditors are seeking an option to be repaid early as the investment company controlled by Dubai’s ruler reorganizes $6 billion of bank debt, according to three people familiar with the talks.

Under the early exit proposal for the 10-year debt restructuring, banks can choose to be repaid the market value of their loans after five years, said two of the people, who asked not to be identified because the information was private.

Banks opting for the exit clause are also seeking a guarantee that Dubai Group will have the cash to repay in case it can’t raise funds by selling assets, some of which are considered indivisible, one of the people said.

Dubai Group, controlled by Dubai Holding LLC, is one of several companies in the emirate reorganizing debt after the global credit crisis eroded the value of its assets.

Royal Bank of Scotland Group Plc, Commerzbank AG and Standard Bank Group Ltd. abandoned 18 months of restructuring talks with the investment company after failing to reach an agreement, two people familiar with the matter said on July 10.

 
A version of this article appeared in the print edition of The Daily Star on July 31, 2012, on page 5.
Home Middle East
 
     
 
United Arab Emirates
Advertisement
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Advertisement


Baabda 2014
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Pictures of the day
A selection of images from around the world- Wednesday, April 23, 2014
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Israel shows Zionism’s true colors
Michael Young
Michael Young
For Christians, blessed are the dividers
David Ignatius
David Ignatius
An Iran deal is close, but we’re not there yet
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS