Bondholders and creditors have begun mobilising in response to Dubai World's $26bn restructuring plans, as Dubai's ruler yesterday sought to reassure investors that his debt-laden emirate's economy remained sound.
The move by banks and hedge funds to form a representative group comes amid concerns among investors that a request for a six-month standstill agreement with creditors by Dubai World – one of Dubai's flagship entities – could develop into a broader restructuring.
In his first public statement since Dubai World announced a debt standstill last Wednesday, Sheikh Mohammed bin Rashid al-Maktoum, Dubai's ruler, lauded the United Arab Emirates economy, saying it had become “stronger and more cohesive”.
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