RBS walks away from debt talks with Dubai firm
DUBAI, United Arab Emirates (AP) — The Royal Bank of Scotland says it has backed out of debt restructuring talks with Dubai Group, part of an investment company controlled by the emirate’s ruler. RBS said in a statement emailed Tuesday it has failed to reach agreement with the company over a n
DUBAI, United Arab Emirates (AP) — The Royal Bank of Scotland says it has backed out of debt restructuring talks with Dubai Group, part of an investment company controlled by the emirate’s ruler.
RBS said in a statement emailed Tuesday it has failed to reach agreement with the company over a number of restructuring proposals, so has decided to step down from a coordinating committee representing creditors in the negotiations.
The partly nationalized British bank says it will now “consider other options in this case,” without elaborating.
A spokesman for Dubai Group declined to discuss the negotiations. In a statement, he says the company is “fully committed to reaching a consensual agreement with all key stakeholders.”
Dubai Group has been in talks for more than a year to rework the terms on $10 billion in debt.