{"id":14597,"date":"2012-09-13T16:17:18","date_gmt":"2012-09-13T14:17:18","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/update-1-rbs-others-sue-dubai-group-over-10-bln-debt\/"},"modified":"2012-09-13T16:17:18","modified_gmt":"2012-09-13T14:17:18","slug":"update-1-rbs-others-sue-dubai-group-over-10-bln-debt","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-rbs-others-sue-dubai-group-over-10-bln-debt\/","title":{"rendered":"UPDATE 1-RBS, others sue Dubai Group over $10 bln debt"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* RBS, Standard Bank and Commerzbank start legal action<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Unprecedented attempt to secure debt repayment from Dubai<\/p>\n<p><span><\/span><\/p>\n<p>* Debt deal being considered by all lenders<\/p>\n<p><span><\/span><\/p>\n<p>* Tactic to force better terms from investment firm<\/p>\n<p><span><\/span><\/p>\n<p>* Dubai Group hoping for $10 bln debt deal by year-end<br \/>\n-sources<\/p>\n<p><span><\/span><\/p>\n<p>By David French and Mirna Sleiman<\/p>\n<p><span><\/span><\/p>\n<p>DUBAI, Sept 13 (Reuters) &#8211; Royal Bank of Scotland<br \/>\nand two other banks have begun legal proceedings against an<br \/>\ninvestment vehicle owned by Dubai&#8217;s ruler, an unprecedented move<br \/>\nto secure repayment after two years of unsuccessful debt talks.<\/p>\n<p><span><\/span><\/p>\n<p>RBS, along with German lender Commerzbank and<br \/>\nSouth Africa&#8217;s Standard Bank, had threatened legal<br \/>\naction after walking away from negotiations over Dubai Group&#8217;s<br \/>\n$10 billion debt pile, sources said in July.<\/p>\n<p><span><\/span><\/p>\n<p>The banks began legal proceedings in a London court last<br \/>\nThursday, breaking with the precedent in previous restructuring<br \/>\ncases involving Dubai state-linked entities because of the<br \/>\nopaque and untested insolvency system in the United Arab<br \/>\nEmirates.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* RBS, Standard Bank and Commerzbank start legal action * Unprecedented attempt to secure debt repayment from Dubai * Debt deal being considered by all lenders * Tactic to force better terms from investment firm * Dubai Group hoping for $10 bln debt deal by year-end -sources By David French and Mirna Sleiman DUBAI, Sept [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14597","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14597"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14597\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}