Dubai World debt deal
$23.5 billion of debt may be restructured.
May 20, 2010 11:34 by Samuel Potter
Dubai World has reached a deal with its key creditors, reports Gulf News.
Though the deal must still be agreed by banks outside the core negotiating committee, “headline economic terms” have been agreed in principle that could restructure $23.5 billion of debt, says the paper.
The negotiating committee comprises a number of banks, who between them are owed 60 percent of Dubai World’s debts, and the government of Dubai.