Dubai World reaches new deal with creditors

11 Sep 2010

(MENAFN) State-owned conglomerate Dubai World has come to a formal agreement with over 99 per cent of its creditors to restructure around $24.9 billion of liabilities, Reuters reported

The agreement formalizes a strong consensus about a fair and balanced restructuring proposal and is a key step to putting Dubai World on a sound and stable financial footing, Sheikh Ahmad Bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee said in a statement.

The government of Dubai remains a supportive and committed shareholder, the statement added.

The date for lenders to return the signed lock-up agreement and get paid the consent fee was September 9.

Dubai World, plans to sell its prized assets over a period of eight years to generate as much as $19.4 billion to pay off creditors, according to the document.

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