Dubai World Signs Final Restructuring Deal With Creditors
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Dubai World, the state-owned holding company that sought to alter the terms on about $25 billion of debt, signed a final deal with creditors, marking the end of a restructuring that roiled global markets in 2009.
Nakheel PJSC, the developer of palm-shaped islands off Dubai’s coast, separately said it expects to reach an agreement with its trade and bank creditors on restructuring $10.5 billion of debt in the first half of the year. Restructuring agreements will be issued shortly to trade creditors and the final term sheet to its bank coordination committee, Nakheel said in an e-mail today.