Panels formed for Dubai Group debt talks

Dubai Group said it wants to speed up restructuring talks on $6 billion of debt and has set up two creditor committees.

Flagship conglomerate Dubai World reached a $25 billion restructuring deal with creditors in September.

Dubai Group has stakes in investment bank Shuaa Capital, Greek group Marfin Investment Group and Australian company Citigold Corp.

But its assets are mostly minority stakes, making it difficult for it to influence the performance, and eventual value, of the companies.

Dubai World, which set up a bank committee last November to engage in talks with its lenders, said one of the creditor committees is for secured lenders Mashreq Bank and Natixis SA's Nexgen.

The second is for creditors whose loans are partly secured or are unsecured. Royal Bank of Scotland and Emirates NBD are co-chairs of the latter.

"It's just to make the process more efficient and bring it to a quicker conclusion," the spokeswoman said.

Among Dubai Group's outstanding debt is a $1.5 billion murabaha Islamic financing facility due August 2011.

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