After yet another delay last week for the multiple regional crises, state-owned holding company Dubai World has finally signed an agreement with 80 banks to restructure its $14.7 billion debt. The deal was widely anticipated and comes as no surprise to local markets who were first told of the deal last September.
But there was a further delay for the trade creditors of real estate development subsidiary Nakheel who will have to wait until mid-year. Last year Nakheel’s trade creditors were offered 40 per cent cash and 60 per cent in a sukuk bond paying a 10 per cent return. Many are struggling with cash flow problems because of the payment delays, and hope payment will not now slip until after Ramadan.
Bank creditors get $4.4 billion over five years, and $10.3 billion over eight years at a fixed rate of 2.4 per cent. There is no haircut in terms of lost principle but clearly the banks have a write off to make for lost interest.
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