Government loaned $6.2 billion to Dubai World in the last year
Dubai World is currently looking to restructure $22 billion of debt.
February 6, 2010 11:52 by kippreport
The Dubai government said that it gave more than $6.2 billion to state-owned conglomerate Dubai World in the past twelve months, reports Bloomberg. “The money is in the form of a loan, on commercial terms, and the Dubai Support Fund hasn’t taken an equity stake in the company or taken any assets from the group,” a government spokeswoman told the agency.
Dubai World, which asked creditors for a six-month debt standstill in November last year, is currently looking to restructure $22 billion of debt.