Dubai World secures deal to restructure $14.6bn debt - FT.com

Dubai World secures deal to restructure $14.6bn debt - FT.com:



"Dubai World has secured the agreement of “a substantial majority” of creditors for a restructuring of $14.6bn in debt, allowing the government-owned conglomerate to push back repayments again as the emirate continues a massive investment programme.



The conglomerate, which was at the heart of Dubai’s debt crisis in 2009, will start proceedings at Dubai’s international courts on Tuesday for a voluntary notification arrangement that will “amend and extend” outstanding obligations.



In 2010, Dubai World agreed a dual-tranche restructuring deal with repayments of $4.4bn due in 2015 and another $10.5bn in 2018."



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