A Japanese bank has agreed to sell US$100 million (Dh367.2m) of Dubai World loans as the government-owned conglomerate nears a final sign-off on its debt restructuring.
Sales of loans made to Dubai World began last summer, several months before the company reached an agreement with creditors in September to restructure $24.9 billion of debt. The first trade was a $25m slice of a $5.5bn loan sold at 55 cents on the dollar last May.
The loans covered in last week's sale agreement would go for between 60 and 65 cents on the dollar, according to two sources familiar with the transaction.
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