French Natixis sells holdings in Dubai World

21 Mar 2015

(MENAFN) Sources reported that Natixis has sold its holdings in debt of Dubai World, the state-owned conglomerate nearing a USD14.6 billion debt restructuring, Arab News reported.

Royal Bank of Scotland (RBS) also sold at least part of its exposure in the conglomerate, said two sources, which could mean more than USD1 billion of Dubai World’s debt has changed hands.

The moves help pave the way for Dubai World to secure 100 percent creditor assent for its restructuring, which would involve debt currently falling due in 2018 extended to 2022 in exchange for incentives.

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