Dubai World seeks creditors’ support

Dubai World has invited all its creditors to a July 22 meeting where the troubled conglomerate will seek to forge consensus behind backing for its multibillion-dollar restructuring proposal, people familiar with the matter say.

Creditors that hold about 60 per cent of the $14.8bn of the holding company’s debt – the seven banks on the co-ordinating committee of lenders – have already agreed initial terms on the restructuring proposal, which offers to pay back principle over five to eight years.

This all-bank meeting is an important milestone on the path to finalising a deal on the embattled company’s restructuring.