Dubai World Reaches Deal to Extend $14.6 Billion of Debt - Bloomberg

Dubai World Reaches Deal to Extend $14.6 Billion of Debt - Bloomberg:



"Dubai World, the state-owned company at the center of the emirate’s 2009 financial crisis, reached an agreement with a majority of creditor banks to amend and extend terms on about $14.6 billion of debt.



The deal entails early repayment of $2.92 billion due this year and the extension of debt due in 2018 to 2022, according to an emailed statement today from the company. Dubai World also said it pledged additional collateral and increased pricing as part of the agreement, without giving further detail.



Dubai World, which owns stakes in companies such as port operator DP World Ltd. (DPW) and shipyard Drydocks World LLC, was one of several companies in the emirate to delay debt payments when credit markets froze and asset prices slumped during the financial crisis. The company in November agreed to sell a subsidiary, including its Jebel Ali Free Zone FZE logistics park in Dubai, to DP World for $2.6 billion."



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