Dubai World creditors rush to offload loans

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Debt traders told potential investors there was a seller looking to get rid of about $100 million of Dubai World loans, according to the Financial Times.

The sellers are believed to be mostly smaller international banks which are unhappy with the restructuring, a Dubai banker said.

Dubai World is in talks with creditors over a formal six-month standstill agreement, during which the conglomerate will further restructure its debt. Bank creditors often opt to sell their loans at a discount, allowing distressed debt funds to build positions and possibly influence the restructuring process.