Dubai World Proposes Plan To Restructure $23.5B Debt

Law360, New York (March 25, 2010, 4:51 PM EDT) -- The government of Dubai has pledged to pump $9.5 billion into state-owned financial firm Dubai World and its real estate development arm Nakheel as part of a plan that the firm presented to creditors Thursday to restructure its $23.5 billion debt.

The restructuring deal, which seeks to recapitalize Dubai World and Nakheel, promises the company's creditors full repayment by issuing two tranches of new debt with five- and eight-year maturities.

The proposed restructuring requires the agreement of Dubai World and Nakheel's creditors, which the company said...
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