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Dubai World debt settlement offer 'well received'

28 March 2010

Abdulrahman al Saleh, director general of the Dubai finance department has said that the initial response to the emirate's proposed $9.5bn plan to address Dubai World's debt crisis has been "a preliminary indication that the plan would be accepted," Reuters has reported. The plan, which involves repaying property unit Nakheel's 2010 and 2011 bonds in full and on time, will require other of the conglomerate's lenders to wait five to eight years for full repayment. It needs the acceptance of all the creditors, owed in total about $26bn.

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