Dubai World will meet creditor panel on debt crisis

 The meeting would be the first formal encounter between Dubai and key lenders since the conglomerate that spearheaded Dubai’s rapid growth disclosed its debt woes on November 25.

An Abu Dhabi bank executive said Standard Chartered, HSBC, Lloyds and Royal Bank of Scotland, along with Emirates NBD and Abu Dhabi Commercial Bank were on the creditors panel.

The banks did not immediately confirm their participation on the committee. But a source at a Dubai-based bank confirmed the makeup of the panel.

Dubai World has asked creditors of its flagship property firms Nakheel, developer of three palm-shaped islands in the Gulf, and Limitless for a six-month debt repayment standstill as part of a restructuring plan. The most urgent question is the fate of Nakheel’s $3.52 billion Islamic bond, which matures on December 14. The IMF said banks from Britain are the most exposed to the conglomerate.

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