Dubai World will present its banks with a restructuring proposal for its $22 billion (£13.5 billion) debts by the end of next month.
An insider close to the Dubai Government said that the struggling state-owned conglomerate will finalise a complete valuation of the group’s assets by the end of February and will have a restructuring offer on the table within the following four weeks.
“We are figuring out the best way to use the cash and assets to get the best result for all constituents,” the source said.
However, the Department of Finance said there would be no fire sale of assets to cover Dubai World’s debts and made it clear that banks may have to wait several years for the group’s portfolio to recover much of its value.
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