Dubai World to offer proposal for debt plan this week

Dubai World is likely to approach lenders for the first time this week with a proposal for restructuring $22bn of its debts, the Financial Times has reported. The company has called for leading creditors to attend meetings in London starting as early as tomorrow, the FT says. The plan, which may be an initial outline, is expected to offer lenders an option to be repaid over several years but with a 'haircut,' or to be repaid more over a longer term, potentially with a government guarantee, the newspaper said. Last