Monday, November 29, 1999

Only 3 cases filed to Dubai World tribunal; no banks

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Three claims have so far been filed with the tribunal set up to hear cases related to indebted state conglomerate Dubai World, none of them by creditor banks, a report showed on Tuesday,.State-owned Dubai World's debt restructuring, currently in progress and with an all-bank meeting planned for July 22, could be delayed should a creditor bank decide to make a claim through the tribunal.The cases were disclosed in the 180 day progress report on the special tribunal, which was set up by ruler's decree in December at the Dubai International Financial Centre.A deal proposed in May allows banks to get their money back in two tranches with five and eight-year maturities.A document issued in March said the tribunal would respect and enforce all arbitration agreements between Dubai World and its creditors, and that the court expects any pending arbitration proceedings to be continued.To file a claim with the tribunal, fees are five percent of the claim value, with a minimum of $500 and a maximum of $8,000, the report said.(Reporting by Rachna Uppal; Editing by Andrew Callus)

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