Fund could still agree to the deal
US-based distressed debt fund Aurelius Capital Management is the only creditor which did not agree to Dubai World’s $24.9bn debt restructuring deal, according to an article published in the Financial Times on 13 September.
The state-owned conglomerate received approval from over 99 per cent of creditor banks to restructure its debt, with final closure expected “in the coming weeks”, according to a statement published by Dubai World on 10 September.
Aurelius could still approve the deal, but will not be entitled to the incentive fees paid to creditors that complied with the 9 September deadline, according to the Financial Times article.
The US fund had bought $5m of debt in the secondary market.
The agreement required the approval of lenders representing two thirds of the value of loans. It has been overseen by a seven-member co-ordinating comittee representing the 100-odd financial creditors to Dubai World.
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.