Dubai World threatens to end payments
Payment of interest under threat if agreement cannot be reached by end of the month, says Dubai World.
May 19, 2010 4:25 by Samuel Potter
Banks owed money by Dubai World have received written instructions from the beleaguered company stating that interest payments on its debt will stop being paid unless agreement can be reached over the restructuring of the remaining amount, reports MEED.
The latest communication from Dubai World also indicates that the current offer to bank creditors will not be improved, says the report.
It quotes a source close to the talks as saying, “At the moment I think an agreement before the end of May is unlikely, but we never know what is going to come from their side.”
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1 Comment
Utter foolishness by Dubai World. On one hand, interest is not Sharia-compliant but on the other hand Dubai World has chosen to get loans from banks that are not Sharia-compliant so why are they complaining now about having to pay interest?