Dubai Group in lawsuit settlement with lenders
- United Arab Emirates: Saturday, January 12 - 2013 at 03:08
Dubai Group, a unit of Dubai Holding, has settled with banks who brought legal action against it to secure repayment of their share of $10bn of debt, raising hopes a wider restructuring can now go ahead, Reuters has reported. Royal Bank of Scotland, Commerzbank and South Africa's Standard Bank, later joined by Egypt's Commercial International Bank, began court moves in September after nearly two years of talks on reorganising the company's obligations failed to yield an agreement. Under terms presented to the banks in December, Dubai Holding is to buy out their debt plus that of any others in the same syndicate of lenders wishing to exit early for 18.5 cents in the dollar, said two sources with direct knowledge of the agreement. The deal is conditional on all lenders in the group which lent Dubai Group a $1.5bn Shari'ah-compliant loan facility in 2008 agreeing either to sign up to the wider restructuring or exit now.
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