One of the Middle East's longest-running debt disputes edged closer to being resolved on Thursday when Saudi Arabian family conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) presented a revised restructuring plan.
A minority of creditors are resisting attempts by Dubai government-owned property developer Limitless to seal a restructuring on around Dh1.9 billion ($517 million) in bank debt, three banking sources said.
State-owned conglomerate Dubai World has been granted approval to end court proceedings relating to its $14.6 billion debt restructuring deal, according to a document on the court's website.
The action allows lawyers for the c
The court administering conglomerate Dubai World's restructuring on Tuesday set March 17 as the provisional date for creditors to vote on whether to approve a $14.6 billion debt deal.
The Dubai World Tribunal on Tuesday held i
Dubai World has reached formal agreement with a substantial majority of creditors on its proposal to amend and extend the terms of its outstanding debt totalling $14.6 billion, the state-owned conglomerate said on Monday.
Investment Dar, the Kuwaiti firm best-known for its stake in luxury carmaker Aston Martin, hopes to complete a second debt-for-assets deal with creditors by the end of March, it said in a bourse statement on Tuesday.
Key meetings of creditors of Bahrain-based Awal Bank have been held in Bahrain and London, according to sources.
The meetings were called by law firm Charles Russell, acting as external administrator, said the sources to the G
Dubai World's biggest creditors have agreed a deal with the state-owned conglomerate to renegotiate its debt repayment schedule, one of Dubai's top government officials said on Wednesday.
However, Sheikh Ahmed bin Saeed al
Investment Dar, the Kuwaiti firm whose assets include a stake in luxury carmaker Aston Martin, said on Saturday a local court had ruled to lift protection the company had against legal action by creditors.
Investment Dar was one o
Economic recovery in Dubai is pushing both creditors and debtors to weigh new strategies in the $25 billion restructuring of state-owned Dubai World, one of the Middle East's largest ever debt deals.
The conglomerate has begun