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Dubai Debt Plan to be Announced Today

Dubai : 24 March 2010

It is expected that the first details of how Dubai World plans to handle the restructuring of its massive debt portfolio should begin to become apparent today. An informal committee is due to meet among those expected to be present will be a large number of creditors who are still waiting to find out where they stand.

It is said that Dubai world has already been having talks with a number of banks and have been going through various repayment possibilities which are likely to be composed of a number of different repayment plans and interest rates over the coming years.

Abu Dhabi had played a strong supporting role in helping Dubai World to obtain support from the banks and the opportunity for more leniency than may have been offered without this financial backing.

Yesterday a Dubai government representative stated that meetings with key creditors in these matters were still progressing and no final restructured payment plan had been finalized at that stage but the representative re-iterated earlier statements that there would be a definite plan laid down soon which would be revealed to the creditors involved during the month of March.

The panel that will be at the presentation of the restructuring plan will include representatives from six major financial institutions who between them are owed two thirds of the outstanding debts from Dubai World.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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