Dubai World and its financial advisors Rothschild and Deutsche Bank AG (DB) are close to a deal with banks on easing part of the conglomerate's $20 billion debt burden, according to people familiar with the matter.
A plan to repay, or extend part of a $3.52 billion Islamic bond due in December for its troubled real estate unit Nakheel is at an advanced stage of discussion, the people said.
"Banks will have the option to rollover the bond for another year with higher interest or to get paid now," a senior banker working on the deal told Zawya Dow Jones. A similar deal is also being offered for some debt maturing next year, the banker said.
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