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Dubai Group nears deal on $6bn debt restructuring
- United Arab Emirates: Thursday, November 22 - 2012 at 04:41
Dubai Group is close to sealing a deal with creditors including Emirates NBD and Noor Islamic Bank on restructuring $6bn of debt after more than two years of talks, Bloomberg has reported, citing four bankers familiar with the matter. The deal envisages interest of 1% to 2.5% and was proposed by Dubai Group earlier this year, the bankers said. The creditor group, comprised of about 35 banks, is seeking to win approval from Royal Bank of Scotland Group, Standard Bank Group and Commerzbank for the deal, three of the people said. The three banks walked away from the lender group in July because of a lack of progress on the restructuring.
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