Middle East

Dubai World seeks debt repayment changes

Dubai: Dubai World plans to seek court approval to alter the terms on $15.3bn of debt with less than 100% support from its creditors, Bloomberg reports.

The state-owned holding company wants to use Decree 57, or the special tribunal relating to Dubai World, to implement a restructuring proposal with support from at least 66.7% of creditors by value.

The restructuring deal includes early payment of $4.4bn due in September next year, and delaying until 2022 a $10.9bn payment due in 2018 while making some intervening repayments.  [11/12/14]

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