99% Of Dubai World Creditors OK $25B Restructuring

Law360, New York (September 10, 2010, 11:42 AM EDT) -- Dubai World reportedly said Friday that nearly all of its creditors have agreed to a $24.9 billion restructuring plan, potentially bringing to a close the state-owned conglomerate's struggles with a massive debt load that sent chills through the financial world.

The New York Times reported that Dubai World has reached agreements with 99 percent of its lenders, representing nearly all of its existing debt load. Dubai World said in a statement that it expected to close the restructuring in the “coming weeks” and that it expected...
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