Dubai creditors agree $14.4bn deal

Aidan Birkett, Dubai World CRO

Indebted Dubai World, the state-owned company, has agreed a restructuring
deal with the majority of its creditors.

Owing $23.5bn (£16.3bn), a deal has been struck with 60% of the bank lenders
to pay back $14.4bn in two tranches.

The first tranche, worth $4.4bn will mature over five years, while the rest
will mature over eight years.

Deloitte’s
Aidan
Birkett
, who is Dubai World’s chief restructuring officer, said the
deal was an “important milestone” towards longer term security.

“The proposal puts the company on a sound financial footing and reflects the
continued support of the government of Dubai and its lenders,” said Birkett.

Further reading:

Shifting
sands – Deloitte tackles Dubai World

ICAEW
to help Dubai’s regulator monitor audit firms

CIMA
expands into Dubai

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