All creditors back $14.6 billion Dubai World debt deal | The National:
"Dubai World, the state-owned company at the centre of the emirate’s 2009 financial crisis, is poised to avoid legal action after all creditors agreed to amend and extend terms on about $14.6 billion of debt.
The company has applied to withdraw its court application for Decree 57 after lenders agreed to a deal entailing the early repayment of $2.92bn due this year and the extension of debt due in 2018 to 2022, Adrian Cohen, partner at Clifford Chance and Dubai World counsel, told a tribunal hearing in Dubai today.
The court has adjourned until May 10 and will approve Dubai World’s application when the deal is finalised."
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