May 27, 2012
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Dubai World says it has deal with lenders
21 May 2010 / AP , DUBAI
Dubai World won support for its $23.5 billion restructuring plan from leading lenders Thursday, giving some relief to the heavily indebted Arab sheikdom whose credit crisis sparked fears across the globe.
The state-owned company, which sits at the heart of Dubai’s more than $100 billion debt pile, said a coordinating committee representing about 60 percent of its lenders had signed off on the proposal. It says it needs the backing of all its financial creditors before the plan takes effect.
Dubai’s government outlined its long-awaited restructuring plan in late March, but the deal still needed approval from a broad array of international and local banks owed money by the company.
The seven banks on the committee were negotiating on behalf of Dubai World’s 73 financiers, raising the likelihood that other creditors would throw their support behind the plan, said Aidan Birkett, Dubai World’s chief restructuring officer.
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