Dubai World Sees $23.5 Billion Restructuring in Months After Bank Meeting - Bloomberg

Dubai World Sees $23.5 Billion Restructuring in Months After Bank Meeting - Bloomberg

Dubai World, the state-owned company seeking to renegotiate the terms on $23.5 billion of debt, said it expects to complete the restructuring process in the “coming months” after a meeting with its creditors in the emirate today.

“As is customary at this stage of the process, this was an informational session and no resolution was sought in the meeting,” Dubai World said in an e-mailed statement. “Creditor banks will now have the opportunity to review the information provided before responding to the proposal. “The company expects to complete the restructuring over the coming months.”

Dubai World made the presentation to about 70 banks at the Atlantis hotel after a group of its seven biggest lenders said May 20 they agreed to its broad terms. The terms agreed by the main banks were unchanged when presented to other creditors today, two people who attended the presentation said.