Dubai World Could Raise Up to $19.4 Billion From Asset Sales

Dubai World, the state-owned holding company seeking to alter the terms on $14.4 billion of bank debt, may raise as much as $19.4 billion in eight years by selling assets, a person with knowledge of the matter said.

If it sold those assets now it would probably get $10.4 billion, the person said, declining to be identified because the information is private. Dubai World and a group of its seven biggest lenders that are negotiating on behalf of about 70 creditor banks agreed on these asset values, the person said. Reuters reported the news earlier today, citing a document Dubai World presented to banks on July 22.