Creditors put Dubai World debt up for sale
Tuesday, 19 January 2010
LONDON, Jan 18 (PTI): Dubai World's bank creditors have offered their loans for sale ahead of the restructuring of the conglomerate's debts, in a bid to reduce exposure, says a media report.
"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 company's $22 billion of debt," the Financial Times reported.
According to the publication, debt traders told potential investors last week that a seller was seeking to offload about $100 million of loans, however, it is uncertain that the trade would take place.
"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 company's $22 billion of debt," the Financial Times reported.
According to the publication, debt traders told potential investors last week that a seller was seeking to offload about $100 million of loans, however, it is uncertain that the trade would take place.