Dubai World Gets Approval for $24.9 Billion Debt Plan
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Dubai World received approval from creditors to alter the terms on $24.9 billion of debt, more than nine months after the state-owned holding company’s proposal to delay repaying loans sent emerging market stocks tumbling.
“This overwhelming support means that the company is well positioned to close the restructuring in the coming weeks,” Dubai World said in an e-mailed statement today. “The proposal puts the company on a sound financial footing.” The formal agreement represents about “99 percent of creditors by number,” and more than “99 percent by value,” according to the statement.