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3 banks launch legal challenge over Dubai debt after restructure talks fail

DUBAI, United Arab Emirates -- Three international banks that backed out of US$10 billion debt restructuring talks with an investment company controlled by Dubai's ruler say they are now pursuing legal action against the firm.

The Royal Bank of Scotland, Commerzbank and Standard Bank said in a joint statement Thursday they preferred not to take their case against Dubai Group to court but felt they had with no alternative.

RBS was a key member of a committee negotiating with Dubai Group on behalf of several creditors. It said in July it was walking away from the negotiations after failing to come to an agreement on terms.

Dubai Group says it believes it can still reach a consensual agreement with its creditors, and says the terms it's offering are in the best interests of all parties.

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