Dubai World Reaches Preliminary $23.5B Debt Deal

Law360, New York (May 20, 2010, 10:36 AM EDT) -- Dubai World has reached a deal in principle with a key group of bank lenders to restructure approximately $23.5 billion in debt, taking another step toward resolving the financial world's concerns over the state-owned conglomerate's struggles with a massive debt load.

The Dubai World creditors coordinating committee that has now agreed to the restructuring plan represents approximately 60 percent of Dubai World's bank lenders. The remaining Dubai World financial creditors still must sign on to the restructuring proposal, and Dubai World is working to secure their...
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