Dubai World to present debt restructuring plan details
In a meeting later this month, DW expected to present details of May restructuring plan.
July 12, 2010 8:32 by Samuel Potter
Dubai World is expected to present details of its $23.5 billion debt restructuring plan to creditors later this month, according to an unnamed source quoted by Zawya Dow Jones. The meeting will be the first session to include participation by all lenders since December of last year.
“It’s an important part of the process but a settlement is sometime away,” the person who declined to be identified told Zawya Dow Jones Sunday. The meeting with creditors will reportedly be held in the emirate on July 22nd.
The government-owned conglomerate in May reached an agreement in principle with the creditors’ coordinating committee. But approximately 40 percent of DW’s outstanding debt is held by creditors who have yet to accept the restructuring deal outlined in May. The upcoming July 22 meeting is considered the next step in ensuring full agreement by all creditors in the debt restructuring plan, Zawya.com reported.