Meeting with the creditors
Dubai World will meet its main creditors next week to discuss a request to delay payment on $26 billion
Dubai/London: Dubai World will meet its main creditors next week to discuss a request to delay payment on $26 billion (Dh95.4 billion) in debt according to a Reuters report.
It would be the first formal meeting between the entity's officials and key lenders since the conglomerate disclosed its debt problems on November 25.
An Abu Dhabi bank executive, who requested anonymity, said London-listed Standard Chartered, HSBC, Lloyds and Royal Bank of Scotland, along with Emirates NBD and Abu Dhabi Commercial Bank were on the creditors' panel.
No confirmation
The banks, however, did not immediately confirm their participation on the committee which, according to an Asian-based banking analyst, was likely to reflect those with greatest exposure to Dubai World. But a source at a Dubai-based bank confirmed the make-up of the panel.
Dubai World has asked creditors of its flagship property firms Nakheel and Limitless for a six-month debt repayment standstill as part of a restructuring plan. The most urgent question is the fate of Nakheel's $3.52 billion (Dh12.92 billion) Islamic bond, which matures on December 14.
