Dubai World Starts Talks With Small Creditors, Al Ittihad Says

Dubai World has started direct talks with creditors who are not part of the coordination committee of banks on its debt restructuring plan, Al Ittihad reported, citing people it didn’t identify.

Dubai World, which is seeking to alter the terms on $14.4 billion of bank debt, plans to get approval from all creditors to its plan to avoid lawsuits, the newspaper said.

Dubai World’s bank coordination committee, which negotiated with the company on behalf of the other lenders, represents about 60 percent of its bank loans, it said in May. The committee comprises Emirates NBD PJSC, Abu Dhabi Commercial Bank PJSC Royal Bank of Scotland Group Plc, HSBC Holdings Plc, Lloyds Banking Group Plc, Standard Chartered Plc and Bank of Tokyo-Mitsubishi UFJ Ltd.

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