State Won't Seek Senior Status In Dubai World Case

Law360, New York (February 22, 2010, 7:30 PM EST) -- The government of Dubai has reportedly dropped plans to seek preferred creditor status in the restructuring of state-owned investment company Dubai World, clearing the way for renewed talks with lenders.

According to Reuters, a spokeswoman for the Dubai government confirmed that all Dubai World's creditors, including the government, will be treated equally, because the government will not seek senior creditor status.

Some lenders had expressed concern that the government would seek senior status so it could recover the money it invested in Dubai World before other...
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