Dubai World, the troubled conglomerate, has announced that it had reached agreement with nearly all it remaining creditors on restructuring $25bn of liabilities.
The group said on Friday that the formal agreement to restructure a total of $24.9bn, which includes $10bn owed to the government of the United Arab Emirates, means that it is “well-positioned to close restructuring over the coming weeks”.
In May Dubai World reached a deal with a core group of seven leading creditor banks representing 60 per cent by value of $14.4bn owed by the conglomerate’s holding company. This offers to pay back principle over five to eight years on sub-commercial interest rates.
No comments:
Post a Comment