Wednesday 20 February 2019

Dubai World... new debt restructuring deal

Dubai World $14.6bn debt deal vote on March 17

DUBAI, January 13, 2015

The court administering conglomerate Dubai World's restructuring on Tuesday set March 17 as the provisional date for creditors to vote on whether to approve a $14.6 billion debt deal.

The Dubai World Tribunal on Tuesday held its first hearing on Dubai World's second major debt restructuring.

Mark Hyde of law firm Clifford Chance said that 73.01 per cent of creditors who would have a vote on the restructuring deal had signed a document saying they would vote in favour.

Dubai World said on Monday it had received backing from a "substantial majority" of creditors on the new deal which would see part of its debt repaid early and the maturity of the rest extended by four years with added incentives for creditors. – Reuters

Tags: Dubai World | debt | restructuring | creditors |

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