Dubai World to offer debt restructuring plan in March

18 February 2010

State-owned Dubai World will present a proposal to creditors in March to restructure about $22bn of debt after its advisers complete valuing the assets of the company, Bloomberg has reported, citing a person close to the Dubai government said. The final proposal will be made after consultations with the Abu Dhabi government and the UAE' central bank, the official said. The central bank, Abu Dhabi's government and two commercial banks of the emirate lent $20bn last year to Dubai's financial support fund to help state-owned companies during the credit crisis.

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