Dubai World, the state-owned holding company seeking to alter the terms on $14.4 billion of bank debt, said creditors representing about 99 percent of the loans agreed to the restructuring proposal made in May.
“This overwhelming support means that the company is well positioned to close the restructuring in the coming weeks,” the company said in an e-mailed statement today. “The proposal puts the company on a sound financial footing, enabling it to realize value for the benefit of all stakeholders.”
The company set up a special tribunal in December to help Dubai World’s reorganization that requires the approval of lenders representing two-thirds of the value of the loans for a restructuring proposal to hold.
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