Bank creditors to Dubai World that are owed billions of dollars are trying to reduce their exposure to the debt-laden conglomerate by offering their loans for sale ahead of an expected restructuring of the companyâs $22bn of debt.
Last week, debt traders told potential investors that there was a seller seeking to offload about $100m of loans.
This would be the first large trade in the $5.5bn loan facility at Dubai Worldâs parent, of which $2.1bn falls due for repayment in June, according to Bloomberg data.
Investors and traders say the debt could be sold at 70 per cent of face value.
http://www.ft.com/cms/s/0/efdbebca-0394-11df-a601-00144feabdc0.html
Weren't HSBC and Standard Chartered highly involved in Dubai World ?
Last week, debt traders told potential investors that there was a seller seeking to offload about $100m of loans.
This would be the first large trade in the $5.5bn loan facility at Dubai Worldâs parent, of which $2.1bn falls due for repayment in June, according to Bloomberg data.
Investors and traders say the debt could be sold at 70 per cent of face value.
http://www.ft.com/cms/s/0/efdbebca-0394-11df-a601-00144feabdc0.html
Weren't HSBC and Standard Chartered highly involved in Dubai World ?