Dubai World finally restructures its debt

Market Leader informed

Dubai World has signed up the last remaining agreement with the lender on the restructuring of $23B debt, BBC reports.

They managed to sign an agreement with Deutsche Bank, which in its turn repurchased the debt with Aurelius Capital Management (US investment company). The Financial Times report that the above-mentioned bank is one of the major lenders of Dubai World.

In should be reminded that in September 2010 the plan to restructure the debt of Dubai World was supported by 99% of all the lenders. According to the plan the company is going to pay off the $4.4B share of the debt within the next 5 years. $10B is going to be paid back within 8 years.

Dubai World’s liabilities to the sum of $8.9B have been converted by the Dubai government into Nakheel bonds (Nakheel is one of the major divisions of Dubai World).

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