Dubai World to propose no 'haircut', says report

Dubai World will meet with the two local banks on its creditor committee this week and propose that creditors get their principal investment back, MEED has reported. Dubai World is expected to propose a debt restructuring that involves creditors receiving their principle investment, meaning there will be no `haircut' on their outstanding loans, the magazine said. The company will also suggest the outstanding loans have some form of guarantee from the government of Dubai, the magazine said. Details of the interest entitlement of the banks is still unclear, while they wait to be repaid, the report added.