Tuesday, Jan 24, 2012
DOW JONES NEWSWIRES
Debt restructuring talks involving Dubai-based investment company Zabeel Investments have come to a halt, and banks face steep haircuts, Reuters news agency reported Monday, citing five people familiar with the matter.
Zabeel owes some 6 billion U.A.E. dirhams ($1.6 billion) to mostly local banks, Reuters reported. Little progress has been made on a restructuring, despite talks lasting almost 18 months, it reported four people involved in the process as saying. However, it is highly unlikely the creditors will initiate legal action against Zabeel, Reuters reported three people as saying.
Zabeel declined comment, Reuters said.
Full story: http://www.reuters.com/article/2012/01/23/us-zabeel-restructuring-idUSTRE80M11W20120123.
(END) Dow Jones Newswires
24-01-12 0052GMT
