Some 70 per cent of creditors to state-owned conglomerate Dubai World have agreed, subject to approval, to the revised terms of the debt restructuring presented at a meeting in London on Monday, sources with direct knowledge of the talks said.
A steering committee of creditors of Saudi Arabian conglomerate Ahmad Hamad Algosaibi and Brothers (Ahab) has been formed to negotiate its debt restructuring, Algosaibi said on Tuesday.
The committee comprises representatives from
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.
The conglomerate has begun
Dubai Group's $10 billion debt restructuring will be managed by the head of another state-linked firm while two banks will have a monitoring role to ensure more oversight from creditors, sources aware of the matter said.
Dubai's Nakheel made a 2010 profit of Dh860 million ($234.1 million) and sees a rise in revenue this year as the property developer revamps its operations post its $16 billion debt restructuring, its chairman told a local newspaper.
Trade creditors of Dubai's Nakheel can sell their claims to investment banks keen on buying them and the property developer will not get involved in such deals, its chairman said in published remarks on Tuesday.
Nakheel, builder of man
Abu Dhabi's Al Jaber Group held an all-lender meeting on Wednesday to discuss the contracting firm's debt restructuring, two sources familiar with the matter said.
Al Jaber set up a banks' committee earlier this year to map out debt restru
Emirates NBD is eyeing merger opportunities within the region and the lender will set aside more money to cover bad loans in 2011 amid debt restructuring, its top executive said on Wednesday.
ENBD, Dubai's largest ba
Kuwait's Investment Dar, which owns half of luxury carmaker Aston Martin, reached an agreement to restructure $3.58 billion of its debt, in a plan that gives creditors a 10 percent stake in the company.
Dar, which appointed a new credi
State-owned Dubai World has secured support from all its creditors for a $25 billion debt restructuring plan, a spokesman said on Wednesday, helping to avoid a drawn-out battle with a special tribunal.
The spokesman did