Dubai World to present standstill offer in January
State-owned conglomerate Dubai World will put forth a standstill proposal to creditors in early January…
December 22, 2009 2:39 by kippreport
State-owned conglomerate Dubai World will put forth a standstill proposal to creditors in early January, reports Bloomberg, citing three bankers who attended the private presentation on Monday.
The company asked creditors for more time to allow its assets to recover some of their value following the global economic crisis. The bankers, who declined to be identified, said Dubai World may sell some of its assets to raise capital.
“They need to sit down and talk it over in more than one meeting,” said Hesham Bakry, Dubai-based institutional sales manager at Al-Futtaim HC Securities Co. “The positive thing is that they are meeting and both parties want to find a better way to handle this issue. It should have happened a lot earlier.”