Dubai eyes debt rollover
&Quot;It won't be a straightforward process," said a Gulf-based lender. "You can't say what the banks will do. Dubai World might approach and ask each and everyone to agree to a new agreement.""If there was a standstill agreement, this would not be an issue."
Limitless's syndicated loan from 2008 was led by Emirates Bank -- now part of Emirates NBD <ENBD.DU> -- Emirates Islamic Bank <EIB.DU>, Arab National Bank <1080.SE> and National Bank of Abu Dhabi <NBAD.AD>.
The Shariah-compliant facility included 18 banks from Asia and Europe as well as the Middle East.
The presence of a large number of local lenders may work in Dubai World's favour, with those lenders more amenable to a delay.
Dubai World declined to comment on the Limitless loan.
The group, which repaid a US$4.1 billion (S$5.799 billion) Islamic loan linked to developer Nakheel in December after a last-minute bailout from Abu Dhabi, has yet to arrive at a formal standstill agreement with creditors but a de facto one has been in place since a December creditors meeting.
The HinduBy REUTERS (Reuters) -Dubai's real estate market showed little signs of any imminent upturn in fortunes as it remained sluggish during the final quarter of Real Estate Firm Sees Few Signs of Dubai ReboundReal estate firm sees few signs of Dubai reboundDubai's rents decrease by 41% y/y in 2009. -all 121 news articles »
