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Dubai World seeks to adjust $25bn debt deal

: Monday, August 04 - 2014 @ 01:50

Economic recovery in Dubai is pushing both creditors and debtors to weigh new strategies in the $25bn restructuring of Dubai World, one of the Middle East’s largest ever debt deals, Saudi Gazette has reported The conglomerate has begun talks to adjust a restructuring plan originally signed in 2011: it would make its first big repayment early, in exchange for more time before a second and much larger obligation needs to be repaid, two sources with knowledge of the matter said. At the same time, some foreign banks are seeking to divest parts of their exposure to Dubai World as improved confidence in the emirate raises debt values to levels which make offloading favorable. Under Dubai World’s original restructuring plan, it was scheduled to repay a $4.4bn chunk of debt in May 2015 and an additional $10.3bn in 2018.

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Monday, August 4- 2014 @ 1:50 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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