Dubai World, the state-owned holding company seeking to change the terms of about $22 billion of debt, plans to meet with creditor banks next week to complete a standstill agreement, a banker participating in the talks said.
A date for the meeting hasn’t been set, said the banker, who declined to be identified because the talks are private. A company spokeswoman declined to comment on the negotiations.
Dubai World failed to present a standstill offer in a Dec. 21 meeting with more than 90 lenders because it hadn’t reached agreement on the terms of government support. Three bankers who attended the meeting said at the time that Dubai World would make the offer in early January. Dubai World told lenders it needed more time to let assets recover from a drop in value after the credit crunch, according to the bankers.
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