Dubai unable to find a Fuckn’ Paki to Negotiate with Trio Seigniorage Banksters Scammers : Royal Bank of Scotland Group Plc, Commerzbank AG and Standard Bank Group Ltd. Who abandoned talks with Dubai Group to Restructure $10 Billion? While Police Chief Redherring Intentionally Misleading & Distracting Public Ragn’ Rhetorical Conquest on Egyptian Taboo and Kickn’ Diego Maradona Buttock Outta Dubai Club. WTF.
Here is Whitewashed Googledjunk Wall Street Friendly Reports:
Dubai Group $10 Billion Talks Said To Lose RBS Support
By Stefania Bianchi
Royal Bank of Scotland Group Plc (RBS), Commerzbank AG and Standard Bank Group Ltd. abandoned talks with Dubai Group to restructure $10 billion of debt after failing to reach an agreement, two people familiar with the matter said. The banks are dissatisfied with progress after 18 months of talks with the investment company, according to the people, who asked not to be identified because the discussions are private. RBS stepped down as co-chair of the coordinating committee of mostly unsecured lenders in the talks, one of the people said. A billboard advertises Dubai Properties, part of Dubai Holding, in Dubai, United Arab Emirates. Dubai Group, controlled by Dubai Holding LLC, is among several government-owned companies in the Middle Eastern emirate seeking to restructure loans after property and asset values slumped and credit markets froze. The breakdown in talks comes after Dubai International Capital LLC reached an agreement with lenders to change terms on $2.5 billion of debt in April and Drydocks World LLC said creditors support restructuring plans. “The divide between Dubai Group and its lenders was too wide to bridge,” Ahmad Alanani, Middle East director at Exotix Ltd. in Dubai, wrote today in emailed comments. “I wouldn’t be surprised if more lenders join the ranks of RBS, Commerzbank and Standard Bank in a bid to increase pressure on the company.” Dubai World A spokeswoman for Dubai Group, who asked not to be named because of company policy, said it’s still seeking to reach an agreement. Standard Bank won’t comment because of client confidentiality issues, Erik Larsen, a spokesman for the Johannesburg-based lender, said by telephone. Martin Halusa, a spokesman for Frankfurt-based Commerzbank AG, declined to comment. Reuters reported yesterday that the three banks abandoned talks with Dubai Group. Dubai’s benchmark stock index fell to the lowest in more than a week, dropping 0.2 percent to 1,488.39 at the 2 p.m. close. Dubai Investments PJSC, which owns stakes in 40 businesses, declined to the lowest level this month. Dubai, home to the world’s tallest tower and an indoor ski slope, roiled global markets in 2009 when Dubai World, one of the sheikhdom’s three main state-controlled holding companies, announced plans to delay payments. The emirate received a $20 billion loan from the United Arab Emirates’ central bank, the Abu Dhabi government and its banks to help it surmount the global credit crisis and the real estate crash. Dubai WorldDubai World reached a deal in March 2011 with about 80 banks to delay payments on $25 billion of debt. Dubai International Capital, the owner of Travelodge Ltd., reached an accord to alter terms of $2.5 billion of liabilities in April. Drydocks World LLC, which owns the Middle East’s biggest shipyard in Dubai, received approval from an “overwhelming majority” of creditors for its $2.2 billion debt restructuring proposal, the state-controlled company said April 5. Dubai Group appointed eight banks to represent creditors in two committees in 2011 to negotiate the terms on $6 billion of bank debt, with $4 billion owed to other investors. Paris-based Natixis SA’s Nexgen unit and Mashreqbank PSC (MASQ) of Dubai make up the committee of secured lenders. RBS and Emirates NBD PJSC (EMIRATES) were leading the group of partially-secured and unsecured lenders. Dubai Group invests in financial services and owns property in the U.S., according to its website. It holds stakes in companies including Dubai-based investment bank Shuaa Capital PSC, Cairo-based investment bank EFG-Hermes Holding SAE and BankMuscat SAOG in Oman. Paying Interest
The company proposed paying interest of 1 percent to 2.5 percent in a $6 billion debt restructuring proposal, three people familiar with the plan said in April. Secured creditors, whose loans are backed by assets, will be repaid principal in three years, according to the people. Banks that offered partially secured and unsecured loans will be returned principal in 12 years and receive additional interest at the end of the loan term, they said.
“The restructuring was complex and with no government support many of Dubai Group’s lenders felt disenfranchised,” Exotix’s Alanani said. To contact the reporter on this story: Stefania Bianchi in Dubai at sbianchi10@bloomberg.net
Dubai restructuring goes awry | beyondbrics
Things have been going Dubai’s way of late. The emirate may still have a debt burden of $110bn but its state-related entities have managed to sign restructuring after refinancing deal as the city’s economy recovers, riding its status as a financial haven from the Arab spring. But not everything is going Dubai’s way. It has emerged that three creditors last month pulled out of two-year restructuring talks over $6bn owed by the troubled Dubai Group, the investment arm of a conglomerate owned by the emirate’s ruler. Dubai Group, which owes $10bn when inter-company loans are included, was one of several state-linked investment arms that overplayed their hands during the boom on borrowed money. The unit has valued stakes in Malaysia’s Bank Islam but also serious exposure to the Greek and Cypriot banking sectors as one of the biggest shareholders in the Marfin Group. Other assets include stakes in troubled regional investment banks, Dubai-based Shuaa Capital and Cairo-based EFG-Hermes.
Rather than signing up to a consensual restructuring, RBS of the UK, Commerzbank of Germany and Standard Bank of South Africa have walked away from signing term sheets outlining a restructuring deal and resigned from the coordinating committee of banks. According to Reuters, one of the banks is mulling legal action to push the investment arm into insolvency. That may be no more than a negotiating tactic but while bankers downplay talk of actual legal action, the trio’s withdrawal clearly reflects exasperation at the interminable negotiations.
Dubai backed the restructuring of Dubai World, the conglomerate that triggered the emirate’s debt crisis in 2009, with a cash injection of $10bn borrowed from oil-rich Abu Dhabi. Since then, however, the government has played hardball in negotiations, saying it will not support any more restructuring deals, especially those identified as “non-strategic” for the emirate. Another unit of Dubai World, developer Limitless, is nearing a restructuring deal on $1.2bn in debts after its creditors abandoned repeated calls for government support. A 97 per cent majority of lenders voted in favour of a $2.2bn restructuring deal for Dubai’s Drydocks on Tuesday. The ship overhaul yard, a unit of Dubai World, has used insolvency protection at a tribunal set up to hear cases related to its parent, as Dubai World fights off a hedge fund that won a judgment in London ordering repayment of its portion of Drydocks’ debts. The deal is expected to become effective after rubber stamping by the tribunal on August 28.
In this case, creditors also signed a restructuring deal that came without guarantees or support. Resolution comes to Drydocks after three government-related entities handled several bond maturities, again managing to steer Dubai away from a damaging default. Another unit of Dubai Holding paid off its $500m bond earlier this year from internal revenues, while business park Jebel Ali Free Zone, another of Dubai World’s assets, has raised the funds needed to refinance its $2bn Islamic bond. The investment arm of Dubai’s financial centre also refinanced its $1.25bn sukuk. The government helped the deal by buying some of DIFC’s assets to encourage a new loan from lenders including Standard Chartered. That deal, described by some as a “secret bailout”, may have prompted a more combative stance from Dubai Group’s creditors. Yet trying to push the rulers’ company into insolvency in the Dubai courts is a colossally bad idea. Firstly, the courts’ insolvency codes are inadequate; second, going legal against the ruler is almost impossible to achieve and would only undermine creditor banks’ position in the Gulf’s financial centre. But the banks, facing minimal returns offered by Dubai Group, might have thought they had nothing to lose by calling for the ruler, the personal embodiment of Dubai’s government, to support one of his personal investment vehicles. Bad publicity amid all the positive noises on Dubai’s debt is bound to be embarrassing for the authorities. But whether aggressive sabre-rattling will force concessions is quite another matter.
RBS Pressures Dubai as $10 Billion Debt Talks Stall: Arab Credit
By Stefania Bianchi
Royal Bank of Scotland Group Plc, Commerzbank AG (CBK) and Standard Bank Group Ltd (SBK) may be betting Dubai will improve terms on a $10 billion debt restructuring to protect its reputation after a near default in 2009.
The banks walked away from talks with government-owned Dubai Group after 18 months without an accord, two people familiar with the situation said July 9. The banks disagreed with demands for loan maturities of 12 years, one of the people said, asking not to be identified because the negotiations aren’t public. The breakdown comes as the emirate seeks to restore investor confidence after state-owned holding company Dubai World’s near default in 2009 roiled global markets. In April, Dubai International Capital LLC agreed to change terms on $2.5 billion of debt and Drydocks World LLC said creditors support its restructuring plans, helping cement the emirate’s recovery. “This could be a negotiation tactic by the banks involved to get better terms from Dubai Group,” Fahd Iqbal, director of research at EFG Hermes, said in a telephone interview yesterday. “It’s unlikely that they’ll choose to pursue legal action given the lack of precedent in the United Arab Emirates.” The cost of insuring Dubai’s debt for five years fell 4 basis points to 351 yesterday, the lowest since July 6. Still, that’s more than double the level in neighboring Abu Dhabi, which helped bail out Dubai World. They’re also the second- highest after Bahrain among nations in the six-member Gulf Cooperation Council for which the swaps are traded.
RBS Steps Down
RBS stepped down as co-chair of the coordinating committee of mostly unsecured lenders in the talks, one of the people said. Dubai World reached a deal in March 2011 with about 80 banks to delay payments on $25 billion of debt. Dubai International Capital, the owner of Travelodge Ltd., reached an accord to alter terms of $2.5 billion of liabilities in April. “We don’t believe this will escalate as Dubai managed to restructure most of its debts during the last three years and will not take the chance to change route,” said Tariq Qaqish, Dubai-based deputy head of asset management at Al Mal Capital. “This might be a negotiation tactic” by the banks, he said. The yield on the Dubai government’s 6.396 percent Islamic bonds due November 2014 were little changed yesterday after dropping two basis points this month to 3.51 percent. The average yield on sovereign sukuk has declined four basis points in the period to 3.56 percent on July 9, according to the HSBC/Nasdaq index. The emirate’s $82 billion economy, which relies on trade and hospitality for more than a third of gross domestic product, benefited from a 10 percent increase in visitors last year. The property market is also picking up after the 2008 crash prompted a 65 percent drop in house prices. Fourth-quarter home sales rose 67 percent from a year earlier to 2.85 billion dirhams ($776 million) according to the emirate’s Land Department. Dubai Group appointed eight banks to represent creditors in two committees in 2011 to negotiate the terms on $6 billion of bank debt, with $4 billion owed to other investors. Paris-based Natixis (KN) SA’s Nexgen unit and Mashreqbank PSC of Dubai make up the committee of secured lenders. RBS and Emirates NBD PJSC were leading the group of partially-secured and unsecured lenders. Dubai Group invests in financial services and owns property in the U.S., according to its website. It holds stakes in companies including Dubai-based investment bank Shuaa Capital PSC, Cairo-based investment bank EFG-Hermes Holding SAE and BankMuscat SAOG in Oman.
12 Years
The company proposed paying interest of 1 percent to 2.5 percent, three people familiar with the plan said in April. Secured creditors, whose loans are backed by assets, will be repaid principal in three years, according to the people. Banks that offered partially secured and unsecured loans will be returned principal in 12 years and receive additional interest at the end of the loan term, they said. “The banks stamina continues to be tested on the refinancing terms and this deadlock may well drag on well past Ramadan starting in a couple of weeks,” Saud Masud, chief executive officer of SM Advisory Group LLC, a New York based investment firm, wrote in emailed comments. “Whether Dubai Group will finally bring in the government backstop to appease the lenders or increase the coupon as sweetener is yet to be seen.”
Britain’s RBS drops debt talks with Dubai ruler’s firm, citing failure to agree on terms
DUBAI, United Arab Emirates — The Royal Bank of Scotland said Tuesday it has backed out of talks with Dubai Group, an investment company controlled by the emirate’s ruler, to rework the terms on $10 billion in debt. The move could significantly complicate efforts by the struggling Dubai firm to dig itself out of its debt hole after more than a year and a half of wrangling with creditors. Dubai’s economy has improved considerably since the emirate’s well publicized financial crisis in 2009. But the latest impasse is a reminder of the challenges still facing its web of debt-laden, state-linked companies. They, along with the government, are estimated to carry more than $100 billion in debt. RBS was a key member of a coordinating committee negotiating with Dubai Group on behalf of partially secured and unsecured creditors. Local and international lenders together are owed $10 billion by the Dubai company. In a statement, RBS said it and other lenders presented a number of restructuring proposals that would have allowed Dubai Group to continue operating while meeting its obligations to its creditors. After failing to reach an agreement with the company, RBS said it decided to step down from the committee. “This decision was not taken lightly, as RBS has a strong track record of supporting restructures in the region, but a number of factors beyond our control have led us to consider other options in this case,” the bank said. It did not elaborate. RBS was partly nationalized by the British government during the height of the financial crisis there. It is working to shed some of its non-core businesses while reducing bad loan provisions. British taxpayers still own an 82 percent stake in the bank. The RBS talks were happening in parallel to separate negotiations by another committee involving a division of France’s Natixis SA and Dubai-based Mashreqbank. That latter group included Dubai Group’s secured creditors, which means their loans are backed by collateral. A spokesman for Dubai Group declined to discuss details of the negotiations with creditors, citing confidentiality agreements signed by all parties. “However, Dubai Group remains fully committed to reaching a consensual agreement with all key stakeholders and believes that this remains an achievable objective,” the Dubai Group spokesman said. He spoke on customary condition of anonymity in line with company policy. It is unclear what options disgruntled creditors might pursue now that talks appear stalled, though a lawsuit is one possibility. “You never want to see these things go to court. But that’s certainly an option,” an official at one of the company’s lenders said. The official spoke on condition of anonymity because the talks are private. Dubai Group is part of a conglomerate known as Dubai Holding. It owns property in the United States and has sizable stakes in several financial companies, including regional bank EFG-Hermes and Europe’s Marfin Popular Bank. Dubai Group first disclosed that it needed to begin debt talks with creditors in late 2010. It initially sought to hammer out revised terms on $6 billion of debt, but later it acknowledged a higher figure of $10 billion. Dubai, the Middle East’s commercial hub, shocked world markets in late 2009 when its debt challenges came to a head after years of breakneck growth. Concerns initially centered on the government-owned Dubai World conglomerate, but unsustainable debt loads at other state-linked companies quickly emerged. Dubai World signed an agreement with creditors to repay $25 billion worth of loans in March last year. Some Dubai companies have managed to arrange smaller restructuring packages of their own, though others are still locked in talks with creditors. Unlike government-owned Dubai World, Dubai Group and its parent are personally controlled by the city-state’s hereditary ruler, Sheik Mohammed bin Rashid Al Maktoum. That means cases involving them are not eligible to be heard in a special tribunal established in 2009 to deal with legal challenges involving Dubai World debt. Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Diego Maradona fired by Dubai club
Yahoo! Sports
From Yahoo! Sports: DUBAI, United Arab Emirates (AP) — Diego Maradona was fired as coach of Al Wasl on Tuesday after a season in which the soccer club finished in eighth place in a 12-team league and even failed to win a second-tier competition.
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First they ignore you, then they laugh at you, then they fight you, then you win. Time is up! Standup like a man or die like a coward 1000 times.
Obaid Karki is Paleoconservative Provocateur, Blackbelt Diehart Paulite Libertarian, Diogenesist, Spinoziste, Qutbist, Kabbalist, Pantheon, Hexalingual, Automath, Anti-Tribal Gentile Cabal, Unaffiliated to a STATE or any Organized Religiosity Cult and Satanists Seigniorage Banksters Scam
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Dubai unable to find a Fuckn’ Paki to Negotiate Trio Seigniorage Banksters Scammers : Royal Bank of Scotland Group Plc, Commerzbank AG and Standard Bank Group Ltd. Who abandoned talks with Dubai Group to Restructure $10 Billion? While Police Chief Redherring Intentionally Misleading & Distracting Public Ragn’ Rhetorical Conquest on Egyptian Taboo and Kickn’ Diego Maradona Buttock Outta Dubai Club. WTF. Here is Whitewashed Googledjunk Wall Street Friendly Reports:
July 11, 2012Dubai unable to find a Fuckn’ Paki to Negotiate with Trio Seigniorage Banksters Scammers : Royal Bank of Scotland Group Plc, Commerzbank AG and Standard Bank Group Ltd. Who abandoned talks with Dubai Group to Restructure $10 Billion? While Police Chief Redherring Intentionally Misleading & Distracting Public Ragn’ Rhetorical Conquest on Egyptian Taboo and Kickn’ Diego Maradona Buttock Outta Dubai Club. WTF.
Here is Whitewashed Googledjunk Wall Street Friendly Reports:
Dubai Group $10 Billion Talks Said To Lose RBS Support
By Stefania Bianchi
Royal Bank of Scotland Group Plc (RBS), Commerzbank AG and Standard Bank Group Ltd. abandoned talks with Dubai Group to restructure $10 billion of debt after failing to reach an agreement, two people familiar with the matter said. The banks are dissatisfied with progress after 18 months of talks with the investment company, according to the people, who asked not to be identified because the discussions are private. RBS stepped down as co-chair of the coordinating committee of mostly unsecured lenders in the talks, one of the people said. A billboard advertises Dubai Properties, part of Dubai Holding, in Dubai, United Arab Emirates. Dubai Group, controlled by Dubai Holding LLC, is among several government-owned companies in the Middle Eastern emirate seeking to restructure loans after property and asset values slumped and credit markets froze. The breakdown in talks comes after Dubai International Capital LLC reached an agreement with lenders to change terms on $2.5 billion of debt in April and Drydocks World LLC said creditors support restructuring plans. “The divide between Dubai Group and its lenders was too wide to bridge,” Ahmad Alanani, Middle East director at Exotix Ltd. in Dubai, wrote today in emailed comments. “I wouldn’t be surprised if more lenders join the ranks of RBS, Commerzbank and Standard Bank in a bid to increase pressure on the company.” Dubai World A spokeswoman for Dubai Group, who asked not to be named because of company policy, said it’s still seeking to reach an agreement. Standard Bank won’t comment because of client confidentiality issues, Erik Larsen, a spokesman for the Johannesburg-based lender, said by telephone. Martin Halusa, a spokesman for Frankfurt-based Commerzbank AG, declined to comment. Reuters reported yesterday that the three banks abandoned talks with Dubai Group. Dubai’s benchmark stock index fell to the lowest in more than a week, dropping 0.2 percent to 1,488.39 at the 2 p.m. close. Dubai Investments PJSC, which owns stakes in 40 businesses, declined to the lowest level this month. Dubai, home to the world’s tallest tower and an indoor ski slope, roiled global markets in 2009 when Dubai World, one of the sheikhdom’s three main state-controlled holding companies, announced plans to delay payments. The emirate received a $20 billion loan from the United Arab Emirates’ central bank, the Abu Dhabi government and its banks to help it surmount the global credit crisis and the real estate crash. Dubai WorldDubai World reached a deal in March 2011 with about 80 banks to delay payments on $25 billion of debt. Dubai International Capital, the owner of Travelodge Ltd., reached an accord to alter terms of $2.5 billion of liabilities in April. Drydocks World LLC, which owns the Middle East’s biggest shipyard in Dubai, received approval from an “overwhelming majority” of creditors for its $2.2 billion debt restructuring proposal, the state-controlled company said April 5. Dubai Group appointed eight banks to represent creditors in two committees in 2011 to negotiate the terms on $6 billion of bank debt, with $4 billion owed to other investors. Paris-based Natixis SA’s Nexgen unit and Mashreqbank PSC (MASQ) of Dubai make up the committee of secured lenders. RBS and Emirates NBD PJSC (EMIRATES) were leading the group of partially-secured and unsecured lenders. Dubai Group invests in financial services and owns property in the U.S., according to its website. It holds stakes in companies including Dubai-based investment bank Shuaa Capital PSC, Cairo-based investment bank EFG-Hermes Holding SAE and BankMuscat SAOG in Oman. Paying Interest
The company proposed paying interest of 1 percent to 2.5 percent in a $6 billion debt restructuring proposal, three people familiar with the plan said in April. Secured creditors, whose loans are backed by assets, will be repaid principal in three years, according to the people. Banks that offered partially secured and unsecured loans will be returned principal in 12 years and receive additional interest at the end of the loan term, they said.
“The restructuring was complex and with no government support many of Dubai Group’s lenders felt disenfranchised,” Exotix’s Alanani said. To contact the reporter on this story: Stefania Bianchi in Dubai at sbianchi10@bloomberg.net
Dubai restructuring goes awry | beyondbrics
Things have been going Dubai’s way of late. The emirate may still have a debt burden of $110bn but its state-related entities have managed to sign restructuring after refinancing deal as the city’s economy recovers, riding its status as a financial haven from the Arab spring. But not everything is going Dubai’s way. It has emerged that three creditors last month pulled out of two-year restructuring talks over $6bn owed by the troubled Dubai Group, the investment arm of a conglomerate owned by the emirate’s ruler. Dubai Group, which owes $10bn when inter-company loans are included, was one of several state-linked investment arms that overplayed their hands during the boom on borrowed money. The unit has valued stakes in Malaysia’s Bank Islam but also serious exposure to the Greek and Cypriot banking sectors as one of the biggest shareholders in the Marfin Group. Other assets include stakes in troubled regional investment banks, Dubai-based Shuaa Capital and Cairo-based EFG-Hermes.
Rather than signing up to a consensual restructuring, RBS of the UK, Commerzbank of Germany and Standard Bank of South Africa have walked away from signing term sheets outlining a restructuring deal and resigned from the coordinating committee of banks. According to Reuters, one of the banks is mulling legal action to push the investment arm into insolvency. That may be no more than a negotiating tactic but while bankers downplay talk of actual legal action, the trio’s withdrawal clearly reflects exasperation at the interminable negotiations.
Dubai backed the restructuring of Dubai World, the conglomerate that triggered the emirate’s debt crisis in 2009, with a cash injection of $10bn borrowed from oil-rich Abu Dhabi. Since then, however, the government has played hardball in negotiations, saying it will not support any more restructuring deals, especially those identified as “non-strategic” for the emirate. Another unit of Dubai World, developer Limitless, is nearing a restructuring deal on $1.2bn in debts after its creditors abandoned repeated calls for government support. A 97 per cent majority of lenders voted in favour of a $2.2bn restructuring deal for Dubai’s Drydocks on Tuesday. The ship overhaul yard, a unit of Dubai World, has used insolvency protection at a tribunal set up to hear cases related to its parent, as Dubai World fights off a hedge fund that won a judgment in London ordering repayment of its portion of Drydocks’ debts. The deal is expected to become effective after rubber stamping by the tribunal on August 28.
In this case, creditors also signed a restructuring deal that came without guarantees or support. Resolution comes to Drydocks after three government-related entities handled several bond maturities, again managing to steer Dubai away from a damaging default. Another unit of Dubai Holding paid off its $500m bond earlier this year from internal revenues, while business park Jebel Ali Free Zone, another of Dubai World’s assets, has raised the funds needed to refinance its $2bn Islamic bond. The investment arm of Dubai’s financial centre also refinanced its $1.25bn sukuk. The government helped the deal by buying some of DIFC’s assets to encourage a new loan from lenders including Standard Chartered. That deal, described by some as a “secret bailout”, may have prompted a more combative stance from Dubai Group’s creditors. Yet trying to push the rulers’ company into insolvency in the Dubai courts is a colossally bad idea. Firstly, the courts’ insolvency codes are inadequate; second, going legal against the ruler is almost impossible to achieve and would only undermine creditor banks’ position in the Gulf’s financial centre. But the banks, facing minimal returns offered by Dubai Group, might have thought they had nothing to lose by calling for the ruler, the personal embodiment of Dubai’s government, to support one of his personal investment vehicles. Bad publicity amid all the positive noises on Dubai’s debt is bound to be embarrassing for the authorities. But whether aggressive sabre-rattling will force concessions is quite another matter.
RBS Pressures Dubai as $10 Billion Debt Talks Stall: Arab Credit
By Stefania Bianchi
Royal Bank of Scotland Group Plc, Commerzbank AG (CBK) and Standard Bank Group Ltd (SBK) may be betting Dubai will improve terms on a $10 billion debt restructuring to protect its reputation after a near default in 2009.
The banks walked away from talks with government-owned Dubai Group after 18 months without an accord, two people familiar with the situation said July 9. The banks disagreed with demands for loan maturities of 12 years, one of the people said, asking not to be identified because the negotiations aren’t public. The breakdown comes as the emirate seeks to restore investor confidence after state-owned holding company Dubai World’s near default in 2009 roiled global markets. In April, Dubai International Capital LLC agreed to change terms on $2.5 billion of debt and Drydocks World LLC said creditors support its restructuring plans, helping cement the emirate’s recovery. “This could be a negotiation tactic by the banks involved to get better terms from Dubai Group,” Fahd Iqbal, director of research at EFG Hermes, said in a telephone interview yesterday. “It’s unlikely that they’ll choose to pursue legal action given the lack of precedent in the United Arab Emirates.” The cost of insuring Dubai’s debt for five years fell 4 basis points to 351 yesterday, the lowest since July 6. Still, that’s more than double the level in neighboring Abu Dhabi, which helped bail out Dubai World. They’re also the second- highest after Bahrain among nations in the six-member Gulf Cooperation Council for which the swaps are traded.
RBS Steps Down
RBS stepped down as co-chair of the coordinating committee of mostly unsecured lenders in the talks, one of the people said. Dubai World reached a deal in March 2011 with about 80 banks to delay payments on $25 billion of debt. Dubai International Capital, the owner of Travelodge Ltd., reached an accord to alter terms of $2.5 billion of liabilities in April. “We don’t believe this will escalate as Dubai managed to restructure most of its debts during the last three years and will not take the chance to change route,” said Tariq Qaqish, Dubai-based deputy head of asset management at Al Mal Capital. “This might be a negotiation tactic” by the banks, he said. The yield on the Dubai government’s 6.396 percent Islamic bonds due November 2014 were little changed yesterday after dropping two basis points this month to 3.51 percent. The average yield on sovereign sukuk has declined four basis points in the period to 3.56 percent on July 9, according to the HSBC/Nasdaq index. The emirate’s $82 billion economy, which relies on trade and hospitality for more than a third of gross domestic product, benefited from a 10 percent increase in visitors last year. The property market is also picking up after the 2008 crash prompted a 65 percent drop in house prices. Fourth-quarter home sales rose 67 percent from a year earlier to 2.85 billion dirhams ($776 million) according to the emirate’s Land Department. Dubai Group appointed eight banks to represent creditors in two committees in 2011 to negotiate the terms on $6 billion of bank debt, with $4 billion owed to other investors. Paris-based Natixis (KN) SA’s Nexgen unit and Mashreqbank PSC of Dubai make up the committee of secured lenders. RBS and Emirates NBD PJSC were leading the group of partially-secured and unsecured lenders. Dubai Group invests in financial services and owns property in the U.S., according to its website. It holds stakes in companies including Dubai-based investment bank Shuaa Capital PSC, Cairo-based investment bank EFG-Hermes Holding SAE and BankMuscat SAOG in Oman.
12 Years
The company proposed paying interest of 1 percent to 2.5 percent, three people familiar with the plan said in April. Secured creditors, whose loans are backed by assets, will be repaid principal in three years, according to the people. Banks that offered partially secured and unsecured loans will be returned principal in 12 years and receive additional interest at the end of the loan term, they said. “The banks stamina continues to be tested on the refinancing terms and this deadlock may well drag on well past Ramadan starting in a couple of weeks,” Saud Masud, chief executive officer of SM Advisory Group LLC, a New York based investment firm, wrote in emailed comments. “Whether Dubai Group will finally bring in the government backstop to appease the lenders or increase the coupon as sweetener is yet to be seen.”
Britain’s RBS drops debt talks with Dubai ruler’s firm, citing failure to agree on terms
DUBAI, United Arab Emirates — The Royal Bank of Scotland said Tuesday it has backed out of talks with Dubai Group, an investment company controlled by the emirate’s ruler, to rework the terms on $10 billion in debt. The move could significantly complicate efforts by the struggling Dubai firm to dig itself out of its debt hole after more than a year and a half of wrangling with creditors. Dubai’s economy has improved considerably since the emirate’s well publicized financial crisis in 2009. But the latest impasse is a reminder of the challenges still facing its web of debt-laden, state-linked companies. They, along with the government, are estimated to carry more than $100 billion in debt. RBS was a key member of a coordinating committee negotiating with Dubai Group on behalf of partially secured and unsecured creditors. Local and international lenders together are owed $10 billion by the Dubai company. In a statement, RBS said it and other lenders presented a number of restructuring proposals that would have allowed Dubai Group to continue operating while meeting its obligations to its creditors. After failing to reach an agreement with the company, RBS said it decided to step down from the committee. “This decision was not taken lightly, as RBS has a strong track record of supporting restructures in the region, but a number of factors beyond our control have led us to consider other options in this case,” the bank said. It did not elaborate. RBS was partly nationalized by the British government during the height of the financial crisis there. It is working to shed some of its non-core businesses while reducing bad loan provisions. British taxpayers still own an 82 percent stake in the bank. The RBS talks were happening in parallel to separate negotiations by another committee involving a division of France’s Natixis SA and Dubai-based Mashreqbank. That latter group included Dubai Group’s secured creditors, which means their loans are backed by collateral. A spokesman for Dubai Group declined to discuss details of the negotiations with creditors, citing confidentiality agreements signed by all parties. “However, Dubai Group remains fully committed to reaching a consensual agreement with all key stakeholders and believes that this remains an achievable objective,” the Dubai Group spokesman said. He spoke on customary condition of anonymity in line with company policy. It is unclear what options disgruntled creditors might pursue now that talks appear stalled, though a lawsuit is one possibility. “You never want to see these things go to court. But that’s certainly an option,” an official at one of the company’s lenders said. The official spoke on condition of anonymity because the talks are private. Dubai Group is part of a conglomerate known as Dubai Holding. It owns property in the United States and has sizable stakes in several financial companies, including regional bank EFG-Hermes and Europe’s Marfin Popular Bank. Dubai Group first disclosed that it needed to begin debt talks with creditors in late 2010. It initially sought to hammer out revised terms on $6 billion of debt, but later it acknowledged a higher figure of $10 billion. Dubai, the Middle East’s commercial hub, shocked world markets in late 2009 when its debt challenges came to a head after years of breakneck growth. Concerns initially centered on the government-owned Dubai World conglomerate, but unsustainable debt loads at other state-linked companies quickly emerged. Dubai World signed an agreement with creditors to repay $25 billion worth of loans in March last year. Some Dubai companies have managed to arrange smaller restructuring packages of their own, though others are still locked in talks with creditors. Unlike government-owned Dubai World, Dubai Group and its parent are personally controlled by the city-state’s hereditary ruler, Sheik Mohammed bin Rashid Al Maktoum. That means cases involving them are not eligible to be heard in a special tribunal established in 2009 to deal with legal challenges involving Dubai World debt. Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Diego Maradona fired by Dubai club
Yahoo! Sports
From Yahoo! Sports: DUBAI, United Arab Emirates (AP) — Diego Maradona was fired as coach of Al Wasl on Tuesday after a season in which the soccer club finished in eighth place in a 12-team league and even failed to win a second-tier competition.
Am an Anti-Youtuber as my Fellow Paleoconservative Paulite-Libertarian Crowds do. Sorry. Ain’t YouTubn’ no mo. I should boycotted YouTube 2 years ago when my Paulite Libertarian Crowds boycotted YouTube. It’s my Fault. I let ‘em down. Thousands of Obaid-Addicts beg me every day to Vlog again Sorry…. They feel the vacuum on YouTube; they kindly arranged Full-Streaming Channels like Aljazeera for me. YouTube realized now that they given the Birth of Staunch Enemy. YouTube Exploited our Innocence as Corporate Survival Kit. They are Above the Law. Their butts are ours. Now.
Google this…
If 1st Amendment on YouTube is Scam, Spam and Deceptive then we had the Attention of Psycho MuthaFuka Narcissist Scumbag who turned USA to Global Laughingstock. Google must hurry and find that Grafted Whore into Google’s Toys”R”Us Furnished Office before we find the Bitch and Auction his/her Organs on YouTube.
First they ignore you, then they laugh at you, then they fight you, then you win. Time is up! Standup like a man or die like a coward 1000 times.
Obaid Karki is Paleoconservative Provocateur, Blackbelt Diehart Paulite Libertarian, Diogenesist, Spinoziste, Qutbist, Kabbalist, Pantheon, Hexalingual, Automath, Anti-Tribal Gentile Cabal, Unaffiliated to a STATE or any Organized Religiosity Cult and Satanists Seigniorage Banksters Scam
St.Sheetrock’s Painfulpolitics Offensive Comedy Hepcat עביד כארכי الأخطل عبيد كركي
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http://alneft.com
http://blog.frontierstrategygroup.com
http://blogs.ft.combeyond-brics
http://blogs.ft.combrusselsblog
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http://emergingfrontiersblog.com
http://frontiermarkets.wordpress.com
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http://ipezone.blogspot.com
http://londonmanchester.net
http://midiaglobal.org
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http://ridingtheelephant.wordpress.com
http://rupertbumfrey.blogspot.com
http://tarikbuzz.blogspot.com
http://thaiintelligentnews.wordpress.com
http://webuyoldhouse.reviiew.com
http://www.ameinfo.comnewsnew
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http://www.economonitor.com
http://www.findata.co.nzmarketshkse.htm
http://www.greatsalestoday.com
http://www.livehindiradio.com
http://www.maximizingprogress.org
http://www.mindfulmoney.co.uk
http://www.minidalel.combigday
http://www.newsdire.com
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http://www.phonesreview.co.uk
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