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Dubai World loans sold, losses estimated at half of face value

Dubai World expected to avail itself of special law and tribunal to support restructuring.


June 14, 2010 10:48 by

The first round of sales of impaired loans made to Dubai World have concluded. Losses on the face value of the debts are estimated at nearly half the original value of the notes, the Financial Times reported Monday.

Observers now expect Dubai World to utilize a special law and tribunal to support the efforts of the conglomerate to restructure $23.5 billion in debt. The company hopes of avoid any possibility that new debt holders will obstruct current negotiations with a group of international banks which hold an estimated 60 percent of Dubai World’s senior debt, the Financial Times reported. Dubai World is in the final stages of a deal that would see debt repayments extended.

The conglomerate was expected to try and avoid utilizing the special tribunal by getting 100 percent lender support in the restructuring process, but that was seen as unlikely given the high number of banks involved, the report added.


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