#Dubai World ends historic restructuring with final payment | Financial Times

Dubai World ends historic restructuring with final payment | Financial Times:

Dubai World has made a final $8.2bn payment to creditors, ending the most complicated and highest-profile restructuring to stem from the debt crisis that almost overwhelmed the Gulf emirate a decade ago.

Dubai was forced to raise $20bn in emergency loans in 2009 to cope with the credit crunch and to prevent a default by Dubai World’s main real estate arm that was heavily exposed to the then collapsing property market. 


The final repayment, made two years early, is to 47 creditors, including asset managers Pimco and Ashmore, as well as Abu Dhabi Commercial Bank and Dubai’s department of finance, according to people familiar with the matter.