Thursday, 30 April 2009

Dubai World may consider restructuring group debts, as Dubai entities placed on creditwatch negative

Dubai World, the government-owned investment group, is considering “all options” to manage debt, including the restructuring of a US$3.5 billion Islamic bond issued by its property unit Nakheel, Standard & Poor’s Ratings Services said.

“Recent media reports indicate that Nakheel is opening a dialogue with existing holders of its US$3.5 billion sukuk coming due in December 2009, with a view to restructuring the debt,” the rating agency said today in an e-mailed statement.

“S&P has discussed these reports with Dubai World and has been told that ‘all options’ in dealing with outstanding liabilities are being considered as part of an ongoing review, including a restructuring.”

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