HSBC, a major creditor of Dubai World, is ready to sign the conglomerate's debt restructuring proposal, according to its chairman for the Middle East and Europe.
"Yes, we would sign today if they put it in front of [us]," said Stuart Gulliver, who also oversees the British bank's global wholesale banking.
Mr Gulliver is accompanying Stephen Green, the bank's group chairman on a trip through the region. He stressed that HSBC was speaking as a major private creditor and not as a member of the seven-member Coordinating Committee (CoCom), which is co-ordinating Dubai World's restructuring among its 97 creditor banks.
"It is a very reasonable proposal. It is a positive step forward, and we are supportive of the action taken by the Dubai government. We are very, very close to having a completely satisfactory outcome."
Mr Gulliver also said the bank knew the exact conditions attached to the rollover of each loan.
Each creditor bank can choose the new maturities when rolling over the existing loans and knows exactly which commercial terms will be attached to it.
He added: "This is a general proposal, we do know the interest rates, we are comfortable with the terms.
"Yes, that is correct. Now each bank will go back and agree to the terms to sign the document."
His comments come as a surprise after several lenders privately expressed their dissatisfaction that they did not know the exact commercial terms attached to the rolled over loans.
As part of its US$23.5 billion (Dh86 bn) restructuring, Dubai World last week offered its creditor banks, who were owed an overall US$14.2 billion at the end of 2009, to roll over their full principal between five and eight years, but did not spell out the interest rates in a statement.
Creditor banks of Nakheel have also been offered to roll over their loans based on Eibor/Libor.
Mr Gulliver also said his bank "understands why bondholders have a slightly different treatment." Some bankers have privately expressed their dissatisfaction that the Nakheel bondholders will be repaid in full, while lenders will have to roll over their maturities at what is expected to be lower than commercial rates.
He stressed, however, that no documents have been signed so far.
Asked whether local and international banks had been treated differently, he said, "Not as far as I see. As far as I can see there are no hiccups or roadblocks to the Dubai debt deal," adding that his comments solely reflected HSBC's view.
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
Formula One top 10 drivers' standings after Japan
1. Lewis Hamilton, Mercedes 306
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 234
4. Daniel Ricciardo, Red Bull 192
5. Kimi Raikkonen, Ferrari 148
6. Max Verstappen, Red Bull 111
7. Sergio Perez, Force India 82
8. Esteban Ocon, Force India 65
9. Carlos Sainz Jr, Toro Rosso 48
10. Nico Hulkenberg, Renault 34
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The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Shower or bath after being outside.
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If driving, turn your engine off when stationary.
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
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