Wednesday 3 February 2010
SCENARIOS-Dubai World asset sale nears, debt talks plod
State-owned conglomerate Dubai World DBWLD.UL, which is restructuring some $22 billion in debt repayments, has yet to arrive at a formal standstill agreement with its creditors.
The company rocked global markets on Nov. 25 with plans to request a delay on repaying $26 billion in debt linked to its main propery units Nakheel and Limitless World.
Dubai World -- which staved off default on a $4.1 billion Islamic bond linked to Nakheel after a last-minute bailout from Abu Dhabi -- is working on a more specific restructuring plan, having already initiated moves to downsize at Group level.
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