Dubai World in deal with creditors to extend repayment of $10 billion debt | The National

Dubai World in deal with creditors to extend repayment of $10 billion debt | The National:



"Dubai World has reached a deal with its main creditors to extend the repayment of US$10.3 billion of debt, two people with knowledge of the matter said.



The group, which owns the world’s third-largest ports operator, agreed with the creditor committee to repay in 2022, four years later than previously agreed on, the people said, asking not to be identified as the information is private. Dubai World also agreed to repay $4.4bn of loans due September 2015 early if creditors approve the deal, the people said.



Dubai’s accelerating economy is prompting companies to renegotiate loan terms and seek new deals as interest rates decline. Dubai World signed the debt deal with about 80 creditors to restructure $14.7bn of debt in March 2011."



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