Major lenders praise Dubai World's plan for debt restructuring

Banks holding a large position in Dubai World debt, including Royal Bank of Scotland, HSBC and Abu Dhabi Commercial Bank, said the company's restructuring plan is a step in the right direction and will improve the reputation of Dubai, United Arab Emirates, in the credit market. "In the overall context of Dubai's global credit standing, the move has sent out the right signals," said RBS CEO Stephen Hester. HSBC called Dubai World's proposal "very reasonable."

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Gulf News (United Arab Emirates) · Scotsman (Edinburgh), The

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