Dubai World pays $2.92 billion in debt makeover deal, sources say | GulfNews.com

Dubai World pays $2.92 billion in debt makeover deal, sources say | GulfNews.com:



"Dubai World, the state-owned company that roiled global markets in 2009 with a plan to freeze debt payments, paid $2.92 billion to creditors under a deal reached in February, two people with knowledge of the matter said.



The payments were made late last month, said the people, asking not to be identified because the information isn’t public. Under the new agreement, which altered the original deal of March 2011, Dubai World pledged early payment of loans due in September, according to a company statement in February.



Dubai World, whose assets include ports operator DP World Ltd. and shipyard Drydocks World LLC, was one of many companies in the emirate that delayed debt payments after credit markets froze and asset prices slumped during the global financial crisis. It reached a deal with about 80 creditors in March 2011 to restructure $14.7 billion of debt, agreeing to repay $4.4 billion in September 2015 and $10.3 billion in 2018."



'via Blog this'