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Sovereign Wealth Funds Briefing - Categorized | Market

Dubai World is driving a hard bargain for banks

Posted on 16 February 2010

From WSJ: For Dubai World’s creditors, indignity piles upon indignity. News that the troubled state-controlled conglomerate plans to repay its lenders a meager 60 cents for every U.S. dollar they are owed is yet another blow for lenders who, until four months ago, assumed Dubai World’s debts came with an implicit sovereign guarantee.

Dubai World is seeking to reschedule $22 billion of debt. But while the banks may be furious, they have such a weak negotiating hand that they may have to settle for little more than what is on the table…………………………………..Full Article: Source

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