| Kippreport.com

Six months too short to restructure Dubai World, says official

December 8, 2009 4:35 by kippreport

A time period of six months would be “too short for a full restructuring,” of government-owned Dubai World, Abdulrahman al-Saleh, the director-general of Dubai’s Finance Department told Al Jazeera television. “The six-month period would focus on the creditors, the contractors and so on,” he said.

On November 25, Dubai asked creditors for a six-month debt standstill for Dubai World and its subsidiary Nakeel.

“The government is present to provide backing as an owner … we would like to emphasize the distinction between guaranteeing and backing. The company receives large backing from the government since its inception,” al- Saleh said.

Tags: debt, Dubai, Dubai World, restructure