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European banks sue Dubai over $10bn debts
- United Arab Emirates: Thursday, September 13 - 2012 at 11:48
The Royal Bank of Scotland (RBS), Commerzbank and Standard Bank have launched legal proceedings against Dubai Group, calling for immediate repayment of loans after abandoning talks aimed at restructuring the company's $10bn in debts, the Financial Times has reported. Dubai Group opened negotiations with its creditors in 2010 to restructure $10bn in debt, including $6bn owed to lenders and $4bn in intercompany loans with its parent. The three banks said no viable solution had been reached despite their offer of "numerous possible long-term concessions." The firm said it would continue to push for a consensual agreement, pointing out that 35 creditors continued to work towards a restructuring deal, with a number in agreement with its proposal. "We continue to believe that this deal is in the best interests of all parties," a spokesman said.
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