State-owned conglomerate Dubai World's debt restructuring deal will hasten a similar deal for creditors of property developer Nakheel, analysts said, and acts as a precedent for other state-linked restructurings.
Dubai World DBWLD.UL reached near-unanimous approval for its $24.9 billion debt plan, it said in a statement on Friday, but flagship property arm Nakheel NAKHD.UL, undergoing parallel negotiations, has yet to secure backing for its plan.
'The conclusion of Dubai World's debt restructuring program ... opens the door to the debt restructuring of Nakheel,' Moody's analyst John Tofarides said in a report on Monday."
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