HSBC: Dubai World debt proposal is ‘fair’
Bank's Middle East CEO says there is 'no reason' why debt restructuring proposal will not be signed later this month.
May 3, 2010 12:13 by Ben Flanagan
Dubai World’s proposal to restructure its billions in debt is “fair”, the chief executive officer of HSBC Bank Middle East told Bloomberg in an interview.
“We think the proposal is fair and a good way forward for the United Arab Emirates… I see no reason why it should not be signed in a few weeks,” Simon Cooper was quoted as saying.
In March, the Dubai government announced a $9.5 billion rescue package for the troubled state-owned conglomerate, and set out a repayment plan for its creditors.
Shortly after that statement was made, HSBC’s chairman for the Middle East and Europe, Stuart Gulliver, said that the bank was ready to sign the restructuring proposal.