Dubai World opens talks with small creditors
Dubai, August 29, 2010
Troubled conglomerate Dubai World has begun talks with small creditors, not included in the coordination committee of banks on its restructuring plan, to avoid any lawsuits, a UAE newspaper said on Sunday.
The company, which has $14.4 billion in outstanding bank debt that it said it will be able to repay, has started negotiations with the smaller group after lending banks approved its restructuring plan, Arabic daily Al Ittihad said, citing banking sources familiar with the matter.
Dubai World is prepared to sell prized assets, including ports firm DP World, in a bid to raise as much as $19.4 billion to repay creditors, a document obtained by Reuters showed on Wednesday. -Reuters
More Finance & Capital Market Stories
- Oman 'must consider fiscal reforms as priority'
- Qatar Exchange to start trading govt bonds
- NBK opens new branch in UAE
- Dubai utility repays $871m Islamic bond
- Investcorp buys stake in Saudi energy firm
- Tunisia to spend over $1bn to recapitalise banks
- UAE revives proposal to merge stock exchanges
- Saudi non oil exports hit $4.74bn in April
- Global Takaful market to hit $20bn
- NBAD launches new Dubai branch