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Restructure of Loans for Dubai World Has No Firm Timeline

Dubai : 26 July 2010

Dubai World held meeting with creditors for informational purposes only, not resolutions

The proposed plan to restructure Dubai World’s loans was agreed upon and the company expects to be completing the terms over the “coming months.”

A press statement was issued Thursday to confirm the meeting between Dubai World and the banks where the loan restructuring plan was to be formally presented.

Agreement on the plan has already been made between Dubai World, the Dubai government and the company’s Coordinating Committee of creditors (CoCom).

It was announced on May 20 that Dubai World was in agreement to headline economic terms in principle with the CoCom group.  That amount totals almost 60 per cent of the creditor banks’ value.

Resolution was not on the agenda at this week’s meeting as it was merely held to present information, stated Dubai World.

The banks will now have the chance to go over the information presented and use that to respond to the proposed plan, said the company.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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