Dubai World, the state-owned holding company that sought to alter the terms on about $25 billion of debt, signed a final deal with creditors, marking the end of a restructuring that roiled global markets in 2009.
Nakheel PJSC, the developer of palm-shaped islands off Dubai’s coast, separately said it expects to reach an agreement with its trade and bank creditors on restructuring $10.5 billion of debt in the first half of the year. Restructuring agreements will be issued shortly to trade creditors and the final term sheet to its bank coordination committee, Nakheel said in an e- mail today.
The Dubai World agreement included about 80 creditors, the Dubai government’s media office said in an e-mailed statement today. Dubai World’s asset value has risen in the past few months because of the recovery in global markets, it said.
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