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Dubai World Creditors Accept Final Debt Proposal

2010-05-20

May 20 (Bloomberg) -- Dubai World’s creditors accepted a final offer from the state-owned holding company restructuring $14.2 billion of debt, Al Ittihad reported, citing unidentified sources.  Dubai World offered to pay 30 percent of the debt in five years and the rest in eight years, the newspaper reported. Dubai World is putting the “final touches” to the agreement which would offer pay 1 percent interest on loans on top of another 1 percent at maturity. The agreement would be announced in the “next few hours,” the newspaper said.  Dubai World, one of the emirate’s three main state-owned holding companies, and its property unit Nakheel PJSC are seeking to renegotiate terms on a combined $24.8 billion of liabilities after the global credit crunch battered Dubai’s real-estate market and left the emirate’s companies unable to raise loans to repay older debt. Dubai World asked its creditors on March 25 to roll over debt into two new five- and eight-year loans.  Nakheel is holding separate negotiations with its creditors, Al Ittihad reported.

 


 

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