Dubai World eyes new terms

28/11/2014 06:25 AST

State-owned conglomerate Dubai World will meet its creditors next week to formally present revisions to its multi-billion-dollar debt restructuring terms, sources said yesterday.

Meetings will take place in London on December 1 and Dubai on December 8 to put a new debt proposal to all creditors, the sources said.

A spokesman for Dubai World declined to comment.

The entity has been in talks with some of its lenders to extend the maturity of the largest single repayment under a $25 billion debt restructuring agreement struck in 2011, with a series of incentives offered in exchange.

Dubai World, like other state-owned entities in the emirate, got into debt trouble in the wake of the global financial crisis as loans taken on during the boom years of the mid-2000s could no longer be serviced and the local economy suffered from a real estate crash.

Top Dubai officials have previously confirmed that many of Dubai World's largest creditors had assented to a restructuring of the restructuring, with the approval of 67 per cent of the group needed to change the terms.

Once this level has been achieved, Dubai World can use a local law called Decree 57, brought in to help facilitate the original restructuring, to force the rest of the creditor group to accept the new terms - a process known as a cramdown.


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