Dubai World channels the lost city of Atlantis | beyondbrics | FT.com

Holding restructuring talks at a hotel named after an island that according to legend descended into the sea on a man-made development in Dubai, already creaking under a $110bn burden of debt, could be seen as tempting mythology.

And yet, it was at the Atlantis, a hotel partly owned by Dubai World, located on the Palm Jumeirah, the reclaimed island of Dubai World’s troubled Nakheel arm, where creditors met to receive more details on a restructuring proposal that Dubai World hopes to seal in the coming months.

Bankers representing the 73 banks owed $14.4bn by the government-owned holding company came to receive extra information from the holding company, its advisors and the seven members of the coordinating committee of lenders, which holds almost 60 per cent of the outstanding debts and has approved in principle the restructuring plan.