Most lenders agree to Dubai World’s debt plan
Dubai, May 04: Most Dubai World creditors have agreed to the terms for restructuring the troubled conglomerate’s debts, a state-owned daily said Tuesday.
“Most of the banks have agreed on the offer after studying the size of the obligations remaining on the group and the amounts it will pay,” Al-Bayan said, citing an unidentified negotiator who represents the banks.
It is likely “that all the banks will sign the contract presented by the company,” the newspaper quoted him as saying. He said the banks would respond within two weeks, the report added.