| Dubai Group, a unit of the emirate's ruler's personal investment firm currently restructuring US$6bn in debt, saw an offer of 18.5 cents for every dollar rejected in favour of full repayment over a 12-year period by around 20 banks, Bloomberg reported.
The 20 banks were part of a group of lenders that had provided the investment firm a US$1.5bn Islamic murabaha loan in 2008. The offer was extended to the banks after earlier being accepted by a separate group of four lenders, including Royal Bank of Scotland and Standard Chartered, which recently dropped arbitration proceedings against Dubai Group.........................................Full Article: Source
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