Dubai Group, a holding company owned by the emirate’s ruler with interests in property and financial services, and four international banks have agreed to resolve their legal differences in a push to finish a $10 billion debt restructuring, two people familiar with the matter said.
Commerzbank, Royal Bank of Scotland, Standard Bank and Egypt’s Commercial International Bank in September took legal action against Dubai Group after nearly two years of fruitless debt negotiations. The offer relates to a $1.5 billion Islamic syndicated loan to Dubai Group in 2008 that includes 18 other banks. All remaining banks involved in the loan need to approve the new offer to the four banks for it to go through………………………………………..Full Article: Source