Dubai Group lenders reject debt offer

Posted by: mark nolan Wednesday, 13 February 2013 12:28 PM[UAE] - uk

its easy...because they can

and good luck to them
life is people not banks

mark nolan
v1twn ltd
uk

Posted by: Kirra Thursday, 7 February 2013 1:46 PM[UAE] - USA

I do not really think that $10 billion is that big amount for Dubai. This is one of the richest countries for sure. It should be hassle-free for them to return the debts. Or they can use our no fax payday loan lenders to give them some cash) OK, to be serious, I really do not see the problem for Dubai to settle this debt. It is not like we are talking about trillions, right? Or maybe they see some advantage for themselves in not paying back in time. Well hopefully things get sorted out for both countries any time soon? Thanx for the post guys

Posted by: Doug Thursday, 7 February 2013 2:46 PM[UAE] - UAE

Well, that's why the banks are holding out. If someone owned me $1000 and then said they'd give me $180, I'd laugh their offer out the door too. Assuming Dubai has the money, then they should get on and pay it.

Where things get interesting is if it turns out they don't have the money.

Posted by: Thabit Wednesday, 6 February 2013 9:06 PM[UAE] - Dubai

have you tried a debt collection company ? I know a good one. why dont you give me 25% of the money and 25% to charity and i will hook you up :)

Posted by: Telcoguy Thursday, 7 February 2013 1:45 PM[UAE] - UAE

I assume you are responding to Paolo, unfortunately I doubt that will work as the reseller does not own Paolo any money. They "owe" him a flat, or so it seems. Unfortunately this does not qualify as debt recovery, actually I would not be surprised if Paolo was the one actually owing money to the reseller (even if they are in breach of contract)
There seems to be a certain lack of symmetry on how contracts are enforced here in case you did not notice yet

Posted by: Jacky Tuesday, 5 February 2013 9:48 PM[UAE] - Australia

Its no surprise the banks rejected. Why doesnt the dubai group borrow the 18.5% and pay back 100%?

Posted by: Telcoguy Wednesday, 6 February 2013 10:25 AM[UAE] - UAE

I think you got it wrong, they offered to pay 18.5 cents on the dollar, they would need to borrow 81.5
Borrowing to pay your lenders in this situation it is somehow unlikely to happen, me thinks.

I am sure plenty of people will have different views though

Posted by: Paolo C Tuesday, 5 February 2013 8:49 AM[UAE] - Italy

So the banks refused, then what about the other 4 billion USD? I myself as a private have a credit of 480K Aed towards a so called reseller. Does any reader believe that Rera, the police or any other authority in Dubai has raised a finger to help me? At this point I'm willing to donate 50% of the recovered sum to "Dubai Cares" which in a way is also my question. Don't believe me? I'll put it in writing.