Dubai World Reaches Deal to Restructure $24.9 Billion of Liabilities

Dubai World, the state-owned conglomerate, reached a deal to restructure about $24.9 billion of liabilities.

Dubai's government said that Dubai World reached an agreement with more than 99% of its creditors, Reuters reported. In a separate statement, Dubai World said it plans to close the restructuring in "the coming weeks."

"The agreement formalizes a strong consensus about a fair and balanced restructuring proposal and is a key step to putting Dubai World on a sound and stable financial footing," Sheikh Ahmad Bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee, said.

Dubai World's previous target date for completion was Oct. 1.

The announcement is good news for Dubai's debt-ridden government. Earlier this week, a unit of Dubai Holding, the conglomerate owned by the emirate's ruler, delayed payment on $555 million loan.

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hervejaubert

The interest on these loans were renegociated down at 1%, what a scam, and all Dubai repayments are delayed. So will be their installments on a debt already trimmed to 60%, the 40% being converted in bonds that are not worth the paper they are printed on, no one will ever lend a dime to these thieves again, and in the end creditors and lenders will get screwed.

September 11 2010 at 10:54 AM Report abuse rate up rate down Reply
Bud

they are the New babylon..the people who worked and built that place could not affort a hotel room with two years of wages or more..Its one of Satan most Lavish Hell hole's

September 10 2010 at 4:51 PM Report abuse rate up rate down Reply
wurkinman1

who cares ?

September 10 2010 at 1:26 PM Report abuse rate up rate down Reply
junior

Hahahahahaha, the egos of the fools that thought that the world would buy their crap is hilarious. It's brown and ugly and the smog is outrageous and then heaven forbid you should hold hands with the one you love or kiss them in public. As that will end you in jail. Let Dubai drown in debt, their egos deserve that at best.

September 10 2010 at 11:50 AM Report abuse +2 rate up rate down Reply
Dismayed

Obama and his radical socialist cronies are more of a threat to our economy and way of life than any combination of middle eastern/alquaeda/taliban enemies we have in the world. Obamacare alone will bankrupt our nation Throw the bums out! Save your money and reduce your tax footprint.

September 10 2010 at 11:22 AM Report abuse +3 rate up rate down Reply
v7824

a newspaper that has no comic strips has no soul. It should fold.

September 10 2010 at 11:17 AM Report abuse +1 rate up rate down Reply
mac2jr

Comment # 3 - A national database be set up that can be accessed by each company that is receiving the benefits of the GWB tax breaks. This database is to be available to all who want to see it and determine if 'The Opportunity for Better American Manufacturing Act of 2010' is actually working. No personal information will be allowed, but the Date, Type of employee, Salary paid, and Benefits provided must be displayed. Each employee hired will receive a PIN that he or she can use to access a WRITE to the database, and that employee can enter his or her race, political, and educational status if desired. Again no personal information will be required, only general data that cannot easily be traced, the employee has the PIN and can change it or delete it at will…… Again, if you agree, then you have my permission to copy the comments and foreword each to your Congressperson, Senator, State Representative, Governors, Mayors, etc. and I also urge you to send a copy to 1600 Pennsylvania Avenue, Washington, D.C., 20004. Additionally, you have permission to send or post copies on emails and all Internet Social Networks and electronic or printed media …thanks

September 10 2010 at 11:16 AM Report abuse -3 rate up rate down Reply
1 reply to mac2jr's comment
Roy

What has this to do with Dubai? Why don't you hacks use the proper boards?

September 10 2010 at 12:37 PM Report abuse +2 rate up rate down Reply
mac2jr

Comment # 2 - The Opportunity for Better American Manufacturing Act of 2010 is a bi-partisan Bill that will solve several problems for the Republicans, Democrats, and other parties, while making America Stronger and healthier in the future. As Follows: President Obama and the Democrats will agree to extend the GWB Tax Breaks for a period of two (2) years with the following conditions. ---- # 1 - Every company that is receiving a portion of the $750 Billion must agree in writing to HIRE an Out of Work American for each $30,000 or more of tax breaks received. (The money includes the cost of benefits) This hiring must be done within the 90 days following the November 2010 election, and every American Citizen hired MUST prove American Citizenship, MUST prove that he or she has been unemployed for a minimum of 90 days, and MUST remain on the job as a Full-Time employee with all applicable benefits provided to all other Full-Time employees of that company. If the company does not comply to this HIRING and The Opportunity for Better American Manufacturing Act of 2010, it SHALL LOSE its GWB Tax Breaks and also be subjected to a 10% of the tax break fine.

September 10 2010 at 11:15 AM Report abuse -2 rate up rate down Reply
mac2jr

Comment # 1 The Republicans want the Democrats and President Obama to KEEP the George W. Bush tax breaks for the rich in place, and the reason given to the American Public is that it would be a crime to raise taxes, actually return to the pre-GWB tax era, during economic hard times… As we all know the GWB tax breaks include tax breaks for the low and middle class as well as the upper classes and the oil and Ag companies and thousands of other companies and corporations. The full amount of the GWB tax breaks is estimated to be about $750,000,000,000.00 (Seven hundred and fifty Billion Dollars of your money), which is about $4,870.00 for every one of the 154,000,000 American Taxpayers. Thus, I am proposing the following: ---- The Opportunity for Better American Manufacturing Act of 2010.

September 10 2010 at 11:15 AM Report abuse -2 rate up rate down Reply
mac2jr

The Opportunity for Better American Manufacturing Act of 2010. Ladies, Gentlemen, Democrats, Independents, Environmentalist, and Republicans, please listen up and READ… Then read the next few post from Mac2jr. If you agree, then you have my permission to copy the comments and foreword each to your Congressperson, Senator, State Representative, Governors, Mayors, etc. and I also urge you to send a copy to 1600 Pennsylvania Avenue, Washington, D.C., 20004. There will be three additional comments to this one. Thanks…

September 10 2010 at 11:14 AM Report abuse -2 rate up rate down Reply