Dubai World 'to work with creditors in orderly way'
Dubai, December 21, 2009
Dubai World would work with lenders to seek a debt standstill in 'an orderly way' and will get government financial support if an agreement is reached, the company said in a statement after a crucial meeting with creditors on Monday.
Dubai World’s advisers Deloitte, Rothschild and Clifford Chance also took part in the meeting.
The objective was to provide an update to the banks on the development of the Group’s restructuring plans as it seeks to reach a standstill agreement with financial creditors, the company said.
'As long as a standstill is successfully implemented, Dubai World has assurances that the Government of Dubai, through the DFSF, will provide financial support to cover working capital and interest expenses to ensure the continuity of key projects,' it added.
Dubai World said it was committed to working closely with the banks’ appointed co-ordinating committee to work towards a consensual solution for the benefit of all lending banks, trade creditors and other stakeholders affected by the restructuring.-TradeArabia News Service