Dubai World, one of the emirate’s biggest holding companies, says it is reorganising and seeking an agreement with creditors for a six-month extension on its debt.
Dubai World had previously appointed AlixPartners, a turnaround firm that worked on the bankruptcy of General Motors, to organise an internal shake-up.
The company, which owns the ports operator DP World and the property developer Nakheel, said last month that it had eliminated 12,000 jobs as part of a three-year effort to save US$800 million (Dh2.93 billion).
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