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
bigmink1

The Arabs have been taking advantage of the U.S. since the '60s - It dosen't cost any more to produce oil now than it did 40 years ago - you pump it out of the sand! I say foreclose! Take over the oil production (we built it for them anyway) - Repossess the cities - take back the Mercedes - sell their jets -- give em a cammel and a tent- then drop em in the middle of the desert

September 10 2010 at 11:13 AM Report abuse +2 rate up rate down Reply
ideassoul

I guess nobody care about what Dubai is doing they are Arabs they spent billions of dollars buying things that are not worthy and mean while you see millions of Arabs and African Muslim eating sand. They have oil reserve and they are using it like a drunk that cannot drink any more drink and vomit it is very sad when you wacth those poor Muslim countries with so many suffering and those are the people that go out explote themselves to get some money for their family and they are the one that are manipulated to become a suicide bomber. They do not care about the Palestinians they want the status quo let the Palestinians to themselves because they know the Palestinians are very dangerous and if they get a country it is going to be a big headache for them! Ideassoul

September 10 2010 at 10:39 AM Report abuse -1 rate up rate down Reply