File - Dubai is back in the business of unveiling megaprojects, three years after a severe financial crisis that crippled its booming property sector in 2009.
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Economic recovery in Dubai is pushing both creditors and debtors to weigh new strategies in the $25 billion restructuring of state-owned Dubai World, one of the Middle East's largest ever debt deals.Lloyds, one of the banks on the committee which negotiated the original debt deal, attempted to sell off more than $450 million of its exposure at the end of June, three sources said.Other lenders are also reviewing whether to change their exposures to Dubai World – most notably two banks which might potentially offload over $500 million of debt between them, according to investment house Exotix.Under Dubai World's original restructuring plan, it was scheduled to repay a $4.4 billion chunk of debt in May 2015 and an additional $10.3 billion in 2018 .Exotix said that in addition to Lloyds, a British lender was rumored to be eyeing a sale of $500 million of Dubai World debt and a European bank was aiming for a $50 million divestment.
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