Dubai World said to agree debt deal with main creditors - Business Intelligence Middle East - bi-me.com - News, analysis, reports

Dubai World said to agree debt deal with main creditors - Business Intelligence Middle East - bi-me.com - News, analysis, reports:



"Dubai World, the state-owned company at the center of the emirate’s 2009 financial crisis, reached a deal with its main creditors to extend the repayment of $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 its creditor committee to repay in 2022, four years later than previously agreed on, the people said, asking not to be identified because the information is private. Dubai World also agreed to repay $4.4 billion of loans due Sept. 2015 early if all 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 about $14.7 billion in March 2011."



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