Dubai World creditors are likely to accept repayment delays
Global slowdown and slow global economic recovery may force creditors of Dubai World to accept delay of at least nine years in the repayments of loan taken by the state firm. It means Dubai World would continue to haunt the lenders for a long period based on their exposure in the state owned investment firm.
Haissam Arabi, Chief Executive and Fund Manager at Gulfmena Alternative Investments said, "For creditors, it would be music to their ears to know that Abu Dhabi is involved in any restructuring plan."
Dubai World has announced standstill on its debt obligations in November last year, stunning the financial markets across the World. It is currently undergoing restructuring exercise of $26 billion which could be materialized in few days to come.
Reports claim that restructuring plans are likely to be presented before the steering committee of banks such as Standard Chartered, HSBC, Lloyds and RBS in its forthcoming meet scheduled tomorrow.
Advisors are said to be asking the lenders to accept delay in repayments as it could be a best possible option available at this point of time.
New Zealand News
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