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.
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.
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