RBS Chief Backs Restructuring Of Dubai World

Royal Bank of Scotland chief executive Stephen Hester has joined other creditors in lending his support to the $9.5 billion (£6.3 billion) restructuring of Dubai World, The Scotsman reported. Hester told regional newspaper Gulf News that the plan has sent out the "right signals". RBS was among the seven-member panel which held negotiations between the conglomerate and its other creditors, which total more than 90. Hester's comments come a day after two other creditors, HSBC and Abu Dhabi Commercial Bank, lent their approval to the plan. Earlier this week Dubai World cleared the board of its property operation Nakheel as part of the plan to restructure its $26 billion debt. Under the plan, lenders – including RBS and Lloyds Banking Group – will get their money back in five to eight years. Read more.