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Dubai World to reveal debt plan this week

Troubled conglomerate expected to meet seven biggest creditors on Wednesday.

March 23, 2010 9:45 by

Dubai World will present a proposal to restructure $26 billion of debt this week, according to sources familiar with the discussions quoted by Reuters.

The troubled state-owned conglomerate will meet its seven biggest creditors on Wednesday, according to a separate report by MEED.

Earlier this week the Sunday Times reported that Dubai World will ask creditors for eight more years to pay back part of its debt.Banks will be offered repayment terms of between five and eight years, the newspaper said, without specifying where it got the information.

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