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Drydocks World tests new insolvency lawDubai World's shipbuilding unit has filed for a special form of insolvency protection, two sources said, using a special tribunal to force holdout creditors to sign up to its $2.2 billion debt restructuring plan. The move by Drydo More… |
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Kingfisher to cancel 31 flightsIndia's No.2 carrier Kingfisher Airlines, controlled by liquor baron Vijay Mallya, plans to cancel 31 flights daily till November 19, including four international flights to Bangkok, the Mint newspaper reported, citing an unnamed airline official. More… |
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Euro haircuts 'make Gulf writeoffs viable'Haircuts on Middle Eastern sovereign debt are now a possibility in any future restructuring, after the euro zone rescue deal made writedowns for private sector bond holders politically palatable, an executive at Franklin Templeton Investments said More… |
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Good governance 'to drive Dubai World growth'Good corporate governance will drive the Dubai World group’s worldwide business following the successful restructuring of debts and internal reorganisation, said its chairman Sheikh Ahmed Bin Saeed Al Maktoum. Sheikh Ahmed, who took over t More… |
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Nakheel sees $10.9bn debt restructuring by H1Dubai World's property arm Nakheel expects its $10.9 billion debt restructuring process to be completed by the first half of 2011, it said on Wednesday. Nakheel, which has been in negotiations with both trade creditors and banks to rep More… |
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Dubai World calls for debt restructuring talksTroubled state conglomerate Dubai World has invited creditors to a July 22 meeting to offer details on its multi-billion dollar debt restructuring, the first session to include all lenders since December 2009. Three sources from among the More… |
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Dubai World offers to pay 30pc of debt in 5 yearsDubai World, in the midst of talks to restructure $24.8 billion in debt, has offered to repay creditors 30 per cent over five years and the remainder in eight years, a newspaper quoted a government official as saying on Wednesday. Arabic l More… |
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Dubai World creditors agree technical detailsDubai World's creditors have agreed in principal on the technical aspects of a debt restructuring agreement and should reach an overall deal within two weeks, an Arabic language newspaper said on Tuesday. Daily al-Bayan, citing an unid More… |
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UAE govt will support Dubai says ministerThe federal government will support Dubai as it grapples with a $26 billion debt restructuring and expects the matter to be resolved soon, the United Arab Emirate's finance minister said on Tuesday. Asked whether the government would suppo More… |
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Dubai debt worry ripples across assetsDebt problems in Dubai hit global stocks, helped lift bonds and took the dollar away from a 14-year low against the yen on Thursday. Gold climbed to a new record high before falling back as the dollar rose. Banking stocks came unde More… |
