According to press reports, Wednesday afternoon Aidan Birkett presented Creditors' Committee with restructuring proposals, described as incredibly complex by one unnamed participant.
Here the accounts from The National Abu Dhabi and from Gulf News Dubai.
Once again we're hearing about fairly long tenors at low or below market interest rates. It seems pretty clear that some sort of haircut is going to be required. The current negotiations are no doubt about how to limit it and how to disguise it as much as possible.
Also there's a new "wrinkle" to the story the presence of Lady Shriti Vadera, an ex UK Minister who was involved in the drafting.
Interestingly The National says that the Government of Dubai invited her to help monitor the process, while the Gulf News, a Dubai newspaper, says the UK Government sent her because UK banks who are owed US$ 5 billion had raised "questions about the process to London". One might have expected the GN to present this as a Dubai initiative.
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