Dubai World to meet creditors July 22 -source, UAE Conglomerates, Industry - Maktoob Business

Troubled state conglomerate Dubai World has invited creditors to a July 22 meeting to offer details on its proposed debt restructuring, the first such session to include all lenders since December last year.

Three sources from among the group's 80 creditors told Reuters they had received the invitation via the coordinating committee of seven banks that hold 60 percent of Dubai World's $14.4 billion in bank debt.

The flagship state conglomerate, which shocked investors in November with news it could not pay its debts, will try to secure wider backing from the meeting for an outline restructuring deal struck with a coordinating commmittee of lenders in May.