HSBC’s refusal in Dubai
DUBAI – Dubai World’s creditors have rejected the idea of taking a “haircut” on $22 billion of debt with preliminary discussions shifting towards extending the maturity of existing loans and bonds, bankers familiar with the matter said.
A steering committee that represents about 90 creditors includes Standard Chartered PLC, Royal Bank of Scotland Group PLC, HSBC Holdings PLC and Lloyds Banking Group PLC.
In other articles of the day “We will not provide loans directly to projects where the borrower will not, or is not able to, comply with either the Equator Principles or our own internal sustainability risk policies, whichever carries the higher standard,” HSBC said in its website on sustainability.
HSBC also refused to budge when Lehman Brothers was in danger of collapse.